Welcome to our dedicated page for Alternus Clean Energy news (Ticker: alce), a resource for investors and traders seeking the latest updates and insights on Alternus Clean Energy stock.
Alternus Clean Energy, Inc. (NASDAQ: ALCE) is a prominent international independent power producer specializing in clean energy. Headquartered in the United States, the company develops, installs, owns, and operates utility-scale solar photovoltaic power stations (PV parks) across North America and Europe. With a growing portfolio currently comprising approximately 8 operational parks totaling 44 MWp, Alternus is committed to expanding its capacity to 3GW of operating projects within five years.
Alternus leverages long-term government offtake contracts and Power Purchase Agreements (PPAs) with investment-grade off-takers to ensure stable revenue streams. The company also benefits from energy sales to local power grids. Recent strategic initiatives include the retirement of $10 million of debt, enabling the company to fund accelerated growth. This deleveraging was facilitated by issuing common stock to Greenlight Asset Management, a leading Nordic asset manager focused on sustainable investing.
In 2023, Alternus completed a significant business combination with Clean Earth Acquisitions Corp., resulting in its Nasdaq listing under the symbol “ALCE.” This move underscores the company's commitment to expanding its footprint in key high-potential markets across the US and Europe.
Strategic partnerships further bolster Alternus' growth. A notable alliance with Hover Energy aims to offer differentiated 24/7 zero-carbon power by integrating utility-scale solar projects with wind-powered microgrids, reducing intermittency and minimizing storage requirements. Additionally, a joint venture with Acadia Energy focuses on developing 200 MW of microgrid projects in New York State, aligning with local economic growth and sustainability goals.
Alternus continues to show strong financial performance with a 17.5% YoY increase in revenue and a 25% YoY rise in gross profit for 2023. The company’s vision is to become a leading provider of 24/7 clean energy, delivering a sustainable future of renewable power in harmony with people and the planet.
Alternus Clean Energy, Inc. (NASDAQ: ALCE) plans to acquire over 80 MWp of operating solar PV projects across eight U.S. states. The portfolio includes 33 projects with long-term agreements, generating $6.7 million in revenue annually. The acquisition, valued at approximately $60 million, aims to triple the company's operational projects, enhancing financial performance and operational efficiencies. CEO Vincent Browne highlights the strategic shift towards the U.S. renewable market, following the successful Nasdaq listing. The transaction is subject to closing conditions.
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