Alternus Power group in €22m Romanian deal

Dublin-headquartered green energy provider Alternus has acquired a solar park in Romania in a €22 million deal in a move that extends total installed capacity by almost a third.

Alternus’s acquisition of the 20MW solar park from Risen Energy is the largest single operating park the company has bought to date and takes annual recurring revenues to over €17 million, as against €4 million at the end of 2020. The park produces 25.5GWh of power a year.

Under the terms of the deal, Alternus has paid €22 million for full ownership of the operating company but has held back just under €1 million of the proceeds that will be released on conclusion of an ongoing regulatory enquiry.

“With this acquisition, we expect to maintain our average earnings before interest, taxes, depreciation, and amortisation [ebitda] margins of approximately 80 per cent,” said the group’s chief financial officer, Joseph Duey.