Alternus Energy to acquire 11.75 MW Zonnepark Rilland B.V Solar Park In Netherlands

Alternus Energy Inc. (Alternus) has announced the planned acquisition of Zonepark Rilland B.V. and its 11.75 MW ground-mounted solar photovoltaic (PV) power plant in Rilland, the Netherlands, in exchange for a total consideration of US$11.76 million. It includes the assumption of a third party senior bank financing in the amount of approximately US$8.1 million.

In addition to the Purchase Price, the Seller will be entitled to receive an additional cash amount of up to a total of US$560k in the form of an earn-out based on net cash proceeds received by the PV park over and above a set annual power output of 10,865 MWh. The total consideration will be adjusted for working capital movements between April 30, 2019, and Closing.

The Zonnepark Rilland has a 15-year government counter-party ‘Feed-in-Tariff’ (FiT) contract at fixed sales prices, in addition to a Power Purchase Agreement (PPA) with a local energy operator. The combined contracts provide long-term predictable positive cash flows to ALTN and as the park is already operational it will be immediately revenue and income accretive to ALTN on Closing. Based on current energy production Rilland is expected to add approximately US$1.4 million in annual revenues for at least 15 years at average 75% gross margins to ALTN.