Alternus Clean Energy and Partner Hover Energy Accelerating Pace of Installations with Contracts Completed for Additional Units Valued Between $3m- $4m
Alternus Clean Energy Inc. (NASDAQ: ALCE) and partner Hover Energy have secured contracts for three additional Wind-Powered Microgrid™ projects in Hawaii, following their first joint project announced 10 days ago. The four projects, totaling 1MW in installed capacity, are expected to generate 1.3GWh of clean energy annually, offsetting nearly 100% of annual power consumption. The total contract value is between $3-$4 million, with installation expected to begin in Q4 2024. Alternus and Hover are forming a new joint venture (51% Alternus, 49% Hover) to leverage their respective strengths in renewable energy. The Hawaii contracts and Hover's 60 MW pipeline are expected to be transferred to this joint venture later this year.
Alternus Clean Energy Inc. (NASDAQ: ALCE) e il partner Hover Energy hanno ottenuto contratti per tre ulteriori progetti di Microrete Eolica™ nelle Hawaii, dopo il loro primo progetto congiunto annunciato 10 giorni fa. I quattro progetti, per un totale di 1MW di capacità installata, dovrebbero generare 1.3GWh di energia pulita all'anno, compensando quasi il 100% del consumo annuale di energia. Il valore totale del contratto è compreso tra 3 e 4 milioni di dollari, con l'installazione prevista per l'inizio del quarto trimestre del 2024. Alternus e Hover stanno formando una nuova joint venture (51% Alternus, 49% Hover) per sfruttare i loro rispettivi punti di forza nelle energie rinnovabili. I contratti delle Hawaii e il pipeline di 60 MW di Hover dovrebbero essere trasferiti a questa joint venture entro la fine dell'anno.
Alternus Clean Energy Inc. (NASDAQ: ALCE) y su socio Hover Energy han asegurado contratos para tres proyectos adicionales de Microred Eólica™ en Hawái, después de su primer proyecto conjunto anunciado hace 10 días. Los cuatro proyectos, que suman 1MW de capacidad instalada, se espera que generen 1.3GWh de energía limpia anualmente, compensando casi el 100% del consumo anual de energía. El valor total del contrato se sitúa entre 3 y 4 millones de dólares, con la instalación prevista para comenzar en el cuarto trimestre de 2024. Alternus y Hover están formando una nueva empresa conjunta (51% Alternus, 49% Hover) para aprovechar sus respectivas fortalezas en energía renovable. Se espera que los contratos de Hawái y el pipeline de 60 MW de Hover sean transferidos a esta empresa conjunta a finales de este año.
Alternus Clean Energy Inc. (NASDAQ: ALCE)와 파트너 Hover Energy가 하와이에서 세 개의 추가 풍력 마이크로그리드™ 프로젝트에 대한 계약을 체결하였습니다. 이는 10일 전에 발표된 첫 번째 공동 프로젝트에 이어지는 것입니다. 이 네 개의 프로젝트는 1MW의 설치 용량이 총합으로, 연간 1.3GWh의 청정 에너지를 생성할 것으로 예상되며, 연간 전력 소비의 거의 100%를 상쇄할 것입니다. 총 계약 가치는 300만 달러에서 400만 달러 사이입니다, 설치는 2024년 4분기부터 시작될 것으로 예상됩니다. Alternus와 Hover는 재생 가능 에너지에서의 각자의 강점을 활용하기 위해 새로운 합작투자를 형성하고 있습니다(51% Alternus, 49% Hover). 하와이 계약과 Hover의 60 MW 파이프라인은 올해 말에 이 합작투자로 이전될 예정입니다.
Alternus Clean Energy Inc. (NASDAQ: ALCE) et son partenaire Hover Energy ont sécurisé des contrats pour trois projets supplémentaires de Microgrid Éolien™ à Hawaï, suite à leur premier projet commun annoncé il y a 10 jours. Les quatre projets, totalisant 1 MW de capacité installée, devraient générer 1,3 GWh d'énergie propre par an, compensant presque 100 % de la consommation annuelle d'énergie. La valeur totale du contrat se situe entre 3 et 4 millions de dollars, avec une installation prévue pour débuter au quatrième trimestre 2024. Alternus et Hover forment une nouvelle coentreprise (51 % Alternus, 49 % Hover) pour tirer parti de leurs forces respectives dans les énergies renouvelables. Les contrats hawaïens et le pipeline de 60 MW de Hover devraient être transférés à cette coentreprise plus tard cette année.
Alternus Clean Energy Inc. (NASDAQ: ALCE) und der Partner Hover Energy haben Verträge für drei weitere Wind-Powered Microgrid™-Projekte in Hawaii gesichert, nach ihrem ersten gemeinsamen Projekt, das vor 10 Tagen angekündigt wurde. Die vier Projekte haben eine gesamtinstallierte Kapazität von 1 MW und sollen jährlich 1,3 GWh saubere Energie erzeugen, die fast 100 % des jährlichen Energieverbrauchs ausgleicht. Der gesamt Vertragswert liegt zwischen 3 und 4 Millionen Dollar, mit einer erwarteten Installation ab dem 4. Quartal 2024. Alternus und Hover gründen ein neues Joint Venture (51 % Alternus, 49 % Hover), um ihre jeweiligen Stärken im Bereich erneuerbare Energien zu nutzen. Die Verträge in Hawaii und Hovers 60 MW Pipeline sollen später in diesem Jahr an dieses Joint Venture übertragen werden.
- Secured contracts for three additional Wind-Powered Microgrid™ projects in Hawaii
- Total contract value between $3-$4 million for four projects
- Projects expected to generate 1.3GWh of clean energy annually, offsetting nearly 100% of annual power consumption
- Formation of a new joint venture with Hover Energy, strengthening collaboration
- 60 MW pipeline from Hover to be transferred to the joint venture
- Expansion into microgrids complements existing utility-scale business segment
- Installation contingent on permitting, which could potentially cause delays
Insights
The announcement of additional Wind-Powered Microgrid™ projects in Hawaii represents a positive development for Alternus Clean Energy. With a contract value between
The pipeline of over a dozen additional projects indicates strong growth potential in this market segment. The formation of a joint venture with Hover Energy, where Alternus will hold a
The expansion of Alternus and Hover's partnership in Hawaii is strategically sound. Hawaii's high electricity rates and favorable renewable energy conditions create an ideal market for microgrid solutions. The ability to offset nearly 100% of annual power consumption in these projects demonstrates the efficiency and potential of their technology.
The planned creation of an SPV (Special Purpose Vehicle) with local partners is a smart move to facilitate ongoing sales and deployment. This structure could streamline operations and potentially offer tax benefits. The combination of Alternus' solar expertise with Hover's wind technology positions them well to capitalize on the growing demand for comprehensive clean energy solutions. The diversification into microgrids alongside utility-scale projects provides a balanced approach to market penetration and revenue generation.
The rapid progression from one project to four in just ten days suggests strong market demand for Alternus and Hover's microgrid solutions in Hawaii. This quick uptake could indicate a potential first-mover advantage in a market ripe for renewable energy adoption. The mention of "explosive growth expected over the next five years" aligns with broader industry trends towards decentralized, clean energy solutions.
Investors should pay attention to the scalability of this business model. If the company can replicate this success in other high-cost electricity markets, it could lead to substantial growth. However, it's important to monitor the execution of these projects and any regulatory challenges that may arise. The ability to balance shorter-term microgrid projects with longer-term utility-scale developments could provide a more stable revenue stream, potentially reducing overall business risk.
Three more Wind-Powered Microgrid(TM) projects ordered for Hawaii
Fort Mill, South Carolina--(Newsfile Corp. - August 28, 2024) - Alternus Clean Energy Inc. (NASDAQ: ALCE) ("Alternus") is pleased that just ten days after its partner Hover Energy LLC ("Hover") and Hawaii Construction & Development Consulting ("HCDC") announced their first joint renewable microgrid project in Hawaii as part of HCDC's renovation of Union Plaza in downtown Honolulu, the parties have agreed to terms for three additional projects. Installation is expected to begin in Q4 2024, contingent on permitting, with revenues following immediately thereafter.
Totaling 1MW in installed capacity, the four projects are expected to generate approximately 1.3GWh of clean energy annually, offsetting nearly
As previously announced, Alternus and Hover confirmed plans to strengthen their collaboration via the completion of binding terms that will see the formation of a new joint venture company, of which Alternus will own
Chris Griffin, CEO of Hover: "We are thrilled with the progress with HCDC as we continue to deliver on the promise of providing clean energy to our customers '8760' (every hour of the year). Hawaii has the highest electricity rates in the United States, but it also has some of the best sun and wind in the world. Coupled with some of the nation's highest tax credits and incentives, Hawaii represents an enormous opportunity. To meet this demand, Hover and Alternus are planning the creation of an SPV with their local partners that would facilitate ongoing sales and deployment of our unique Microgrid solutions in Hawaii."
Vincent Browne, CEO of Alternus said, "We are very excited about the recent orders in Hawaii, and look forward to growing our joint business there going forward. This is further validation of the partnership with Hover and our growing list of regional partnerships driving renewable energy forward. With Alternus' experience in solar and project finance, development and acquisition, along with Hover's wind and control system technologies, we can truly unlock the potential of clean energy microgrids and capture our fair share of the explosive growth expected over the next five years. Our move into Microgrids complements our existing utility scale business segment which is focused on larger solar and storage parks that connect directly to utility grids. The combination of the two market segments allows us to have shorter paths to revenues and cashflows that support the longer timelines required for utility scale projects. We look forward to announcing more Microgrid and utility projects in the near term as we continue our goal of having over 1GW of operating projects within the next few years."
About Alternus Clean Energy:
Alternus is a transatlantic clean energy independent power producer. Headquartered in the United States, 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 3GW of operating projects within five 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.
About Hover Energy:
Hover Energy, LLC is a pioneering provider of sustainable energy solutions committed to driving innovation in the renewable energy sector. With a focus on designing, developing, and deploying its patented Wind-Powered MicrogridTM, Hover Energy is dedicated to building a more efficient, cleaner, and more sustainable future for generations to come. For more information about Hover Energy and its sustainable energy solutions, please visit https://HoverEnergy.com.
About Hawaii Construction & Development Consulting:
HCDC was founded to provide a smarter solution to development in Hawaii, with a focus on truly sustainable development with our partner organization, NetZero Hawaii. We believe that smart, sustainable housing is everyone's right. HCDC is committed to expanding the availability of housing in Hawaii, focusing on LEED Platinum Certification and NetZero principles. For more information about HCDC and its sustainable solutions, please visit https://www.hawaiicdc.com.
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.
Media Contact: Cal Collier. cec@alternusenergy.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221370
FAQ
What is the total contract value for Alternus Clean Energy's (ALCE) new projects in Hawaii?
When is installation expected to begin for Alternus Clean Energy's (ALCE) new Hawaii projects?
What is the expected annual clean energy generation from Alternus Clean Energy's (ALCE) Hawaii projects?
What is the ownership structure of the new joint venture between Alternus Clean Energy (ALCE) and Hover Energy?
