Alternus Energy Group (AEG), a renewable energy independent power producer (IPP), has completed its business combination with Clean Earth Acquisitions Corp, a special purpose acquisition company (SPAC). The transaction was approved by Clean Earth shareholders on December 4, 2023.
The newly formed company, Alternus Clean Energy, will begin trading on the NASDAQ Stock Market under the ticker symbol ALCE, from December 26, 2023. Alternus Energy Group will retain approximately 80% ownership of the company, while the remaining shares will be held by Clean Earth sponsors and public shareholders.
“Following a year of consolidation and reshaping the business to best capture the opportunities in hand, that deliver higher margins with lower equity requirements, we are now very well positioned to accelerate our impact, extend our reach, and drive significant growth in the business towards our goal of having 3 GW of operating assets within the next five years.” Said Alternus Clean Energy CEO, Vincent Browne.
The company has acquired most of AEG’s assets. AEG will continue to exist as a separate legal entity and trade on the Euronext Growth stock market in Oslo under the ticker (ALT). The assets acquired comprise 168 MW in operation, 98 MW under construction, over 300 MW in various stages of development, and an acquisition pipeline of over 1 GW.
Clean Earth CEO Aaron Ratner stated, “We are thrilled with the completion of our business combination with AEG. This strategic alignment of expertise and values positions us to make an enduring impact on the renewable energy sector. As part of Alternus Clean Energy, we are excited to leverage our combined resources to build a leading Transatlantic clean energy IPP.”
Clean Earth was advised by Jones Group Ventures LLC as financial advisors, with Winston & Strawn LLP, Proskauer Rose LLP serving as legal counsel on the transaction.
AEG was advised by Sichenzia Ross Ference Carmel LLP as their legal counsel.
According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, In 9M 2023, there were 75 solar M&A transactions compared to 90 in 9M 2022. M&A activity in 9M 2023 has been behind pace compared to the past two years amid tough economic conditions.