Alternus Energy Group and Unisun join forces
Alternus Energy Group (ALT) Acquires A Majority Interest In Netherlands Based Unisun Energy Holding B.V To Become A Vertically Integrated Independent Power Producer And Adds Over 250 MWp Of Early-Stage Solar PV Projects To Its Portfolio
Dublin, 3rd June 2021 – Pan-European independent power producer (“IPP”), Alternus Energy Group Plc (NOTC: ALT) (the “Company” or “Alternus”), is excited to announce the recent acquisition of 60% of the share capital in Unisun Energy Holding B.V, (“Unisun”) a Netherlands based developer, Engineering Procurement and Construction (“EPC”) and Operations and Maintenance (“O&M”) service provider of clean and sustainable energy solutions across Europe.
The acquisition makes Alternus a fully vertically integrated independent solar power producer with activities in all elements of the solar PV value chain from project development and construction to operations and maintenance. Unisun supports Alternus in its goal to become a leading pan-European renewable energy company. It also provides a strong platform for growth in the Netherlands energy market with the addition of over 250 MW of solar projects at various stages of development.
“This is truly significant development for Alternus. Unisun has a highly experienced and dedicated team that has a proven track record in successfully delivering high quality renewables projects in multiple countries in Europe. With this team and along with our recently recruited and experienced CTO, Gary Swan, we now have the proven ability to develop and construct our own solar PV parks. This capability will allow us to reduce the initial build costs and generate long term operational savings. The lower capital costs reduce our need for external capital as the EPC margins otherwise paid to third parties can now be reinvested, thus creating immediate and lasting shareholder value. We can also plan more effectively to execute on our current 1.4 GW contracted backlog,” said Vincent Browne, Executive Chairman and CEO of Alternus.
“On behalf of the Unisun Energy team, we welcome Alternus as our new majority owner and are looking forward to jointly growing both companies in the European renewables market, delivering on both companies’ ambitious renewables strategy. We very much look forward to working together to unlock the potential we collectively see in the European renewables space,” said Andre Kempenaars, CEO of Unisun Energy Holding B.V.
Alternus paid a total consideration of EUR 650k in cash and approximately EUR 150k in shares (50,000 new shares issued) for a 60% ownership in Unisun Energy Holding B.V. The previous two owners will retain a 40% ownership and will remain with the business as CEO and COO of Unisun Energy.
“As part of the acquisition, Alternus will receive an immediate 60% cost savings in the operations and maintenance of our Zonnerpak Rilland plant. Unisun was the original developer and EPC contractor, and currently provides the O&M services. We also expect additional financial benefits in our other operating parks as we consolidate the O&M activities in-house where possible. Unisun will further bring additional revenue opportunities to the group as it provides services to existing third party customers,” said Joseph Duey, Chief Financial Officer of Alternus.
About Alternus Energy Plc
Alternus Energy Group (NOTC: ALT) is a fast-growing pan-European independent power producer (“IPP”), headquartered in Ireland, with a focus on the midsized utility scale solar PV market. Alternus owns and operates a diverse portfolio of utility scale solar PV parks that connect directly to national power grids on long-term government contracts (“FiT”) and/or Power Purchase Agreements (“PPAs”) with investment grade off-takers. Having started in 2016 with two parks and 6 MWp capacity, the current portfolio consists of 39 owned or contracted parks in Germany, Italy, Netherlands, Romania and Poland in excess of 150 MWp capacity. Alternus works closely with both local and international specialist development partners that each provide a constant pipeline of new projects for acquisition by Alternus. Alternus aims to own and operate over 2 GWs of solar parks by the end of 2025 and to become one of the largest pan-European IPPs by the end of the decade.