Irish unbiased energy producer (IPP) Alternus Power has closed a enterprise mixture settlement with Clear Earth Acquisitions Corp, a particular goal acquisition firm (SPAC), that may allow its enlargement within the US.
Beneath the settlement, the IPP will switch its fairness possession in nearly all of its subsidiaries in alternate for as much as 90 million newly issued shares in Clear Earth, 55 million at closing and as much as 35 million shares topic to sure earn-out provisions. Alternus will personal round 64% of Clear Earth at closing because of this.
The mixed firm is predicted to have an preliminary worth of US$863 million with an working portfolio of 168MW and a 649MW improvement pipeline, owned by the Irish IPP. Add to this 845MW of contracted acquisitions and 800MW of photo voltaic PV that Alternus has unique rights to buy.
Furthermore, Alternus Power goals to personal and function as much as 3.5GW of photo voltaic PV belongings throughout Europe and the US by the top of 2025.
Vincent Browne, chairman and CEO at Alternus, mentioned: “We anticipate that this proposed transaction will depart Alternus well-positioned and well-capitalised to proceed growing and/or buying, putting in and working renewable vitality belongings throughout Europe and in addition now in the USA.”
Browne will lead the newly mixed firm, whereas Clear Earth intends to vary its identify to Alternus Clear Power.
The mix of the businesses, together with a Nasdaq itemizing and an anticipated entry to new fairness in addition to possible decrease value debt capital might additional assist the enlargement and accelerated progress of the corporate’s improvement portfolio, mentioned Aaron Ratner, CEO of Clear Earth.
The transaction between each corporations is predicted to shut within the first quarter of 2023.
