Utility-scale transatlantic clean energy independent power producer (IPP)
Alternus Energy Group Plc (OSE: ALT) and its majority owned subsidiary, Alternus
Clean Energy, Inc. (NASDAQ: ALCE) ("Alternus" or the "Company") announced today
that it retired approximately $10 million of debt, consisting of a senior note
and accrued interest and expenses.  This deleveraging frees up borrowing
capacity that the Company intends to use to fund accelerated growth.

The retirement of this note, originally issued by majority stockholder Alternus
Energy Group plc, was funded by the issuance of Alternus common stock to the
noteholder Greenlight Asset Management GP S.a.r.l. ("Greenlight") (formerly
known as AVG Group).  Greenlight is a leading Nordic asset manager focused on
sustainable investing.  Alternus believes that Greenlight will be a valuable
strategic investor due to their deep expertise and strong reputation in
renewable energy investing.

Vincent Browne, CEO of Alternus, commented, "We are very pleased with this vote
of confidence by Greenlight in our business and growth plans. The cash otherwise
used to repay this note can now be better directed towards our many growth
opportunities we see as we shift our focus to North America.  The region has a
multitude of developing projects for sale, plenty of greenfield opportunities,
storage opportunities are ramping quickly, and IRA incentives for renewable
energy are a strong tailwind."

Karl Andersen, Founder and CEO of Greenlight, commented: "Our strategic
investment in Alternus underscores our confidence in the market opportunities
for Alternus and their ability to execute.  As an owner of Alternus, we are
maximizing our own effort to fulfill our mission of enabling the development of
clean sustainable energy sources.  This deal is a win-win-win for us, Alternus,
and our planet."

More details on the transaction can be found in the Form 8-K filed today with
the U.S. Securities and Exchange Commission.  Note that the newly issued shares
have not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities laws. Accordingly, the shares will be
subject to restrictions on transferability and resale and may not be transferred
or resold except as permitted under the Securities Act and other applicable
securities laws, pursuant to registration or exemption therefrom.

About Alternus Energy Group (AEG):
AEG is a transatlantic clean energy independent power producer (IPP). We
currently develop, install, own and operate utility scale solar parks in North
America
and Europe. Our highly motivated and dynamic team at Alternus have achieved
rapid growth in recent years. Building on this, our goal is to reach 3 GW of
operating projects within 5 years through continued organic development
activities and targeted strategic opportunities. Our vision is to become a
leading provider of 24/7 clean energy delivering a sustainable future of
renewable power with people and planet in harmony.

AEG operates primarily through Alternus Clean Energy, Inc (Nasdaq: ALCE). AEG is
listed on the Euronext Growth Oslo and headquartered in Ireland while Alternus
Clean Energy, Inc. is listed on Nasdaq and headquartered in the US. They remain
as two separate legal entities.
 
About Greenlight Asset Management 
  
Greenlight Group is a premier asset manager with a seasoned team of industry
professionals that specializes in Nordic investments, offering expert guidance
tailored to client needs. Its commitment to sustainability drives a focus on
renewable energy and green investing. Trust Greenlight to navigate the changing
investment landscape in the Nordics while aligning portfolios with sustainable
principles.

Forward-Looking Statements 
 
Certain information contained in this release, including any information on the
Company's plans or future financial or operating performance and other
statements that express the Company's management's expectations or estimates of
future performance, constitute forward-looking statements. When used in this
notice, words such as "anticipate," "believe," "continue," "could," "estimate,"
"expect," "intend," "may," "might," "plan," "possible," "potential," "predict,"
"project," "should," "would" and similar expressions, as they relate to us or
our management team, identify forward-looking statements. Such forward-looking
statements are based on the beliefs of management, as well as assumptions made
by, and information currently available to, the Company's management. Such
statements are based on a number of estimates and assumptions that are subject
to significant business, economic and competitive uncertainties, many of which
are beyond the control of the Company. The Company cautions that such
forward-looking statements involve known and unknown risks and other factors
that may cause the actual financial results, performance or achievements of the
Company to differ materially from the Company's estimated future results,
performance or achievements expressed or implied by the forward-looking
statements. These statements should not be relied upon as representing Alternus'
assessments of any date after the date of this release. The Company undertakes
no obligation to update these statements for revisions or changes after the date
of this release, except as required by law. 
 
For More Information:  
  
Alternus   
ir@alternusenergy.com  
+1 (913) 815-1557  
 
The Blueshirt Group  
alternus@blueshirtgroup.com

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