Alternus Energy Group

Capital/Financing Update • Oct 4, 2023

Alternus Energy Group Plc - Mandatory notification of transaction

Alternus Energy Group Plc - Mandatory notification of transaction

Alternus Energy Group Plc (the "Company") approved the issuance by one of its US subsidiaries of secured debt in the principal amount of $3,150,000 for an original purchase price of $2,205,000, and having a maturity date of no later than June 30, 2024. The holder of the note has also been granted the right to receive warrants, conditional upon, and only issued at, the close of the business combination between the Company and Clean Earth Acquisitions Corp. (CLIN) to purchase up to (i) 100,000 shares of common stock of CLIN at an exercise price of $11.50 per share and having a 5 year term, and (ii) 300,000 shares of common stock of CLIN at an exercise price of $0.01 per share and having a 3 year term. Alternatively, should the business combination not complete by the expiry date, the holder will be issued warrants to purchase up to 394,819 ordinary shares of Alternus Energy Group at an exercise price of NOK 5.00 per share and having a 10 year term. The debt is secured by a parent company guarantee and the Company's Chief Executive Officer and primary insider, Vincent Browne, has pledged certain shares issued by the Company. Please see attached notification form for further details.

This information is published pursuant to section 5-12 of the Norwegian Securities Trading Act and Article 19 of the Market Abuse Regulation.

About Alternus Energy Group:

Alternus is a transatlantic clean energy independent power producer (IPP). Headquartered in Ireland, we currently develop, install, own and operate utility scale solar parks in Europe and the US. Our highly motivated and dynamic team at Alternus have achieved rapid growth in recent years. Building on this, our goal is to reach 3GW of operating projects by the end of 2026 through continued organic development activities and targeted strategic opportunities. Our vision is to become a leading provider of 24/7 clean energy delivering a sustainable future of renewable power with people and planet in harmony. For more information visit www.alternusenergy.com.

For More Information:

Alternus Energy Investor Relations

ir@alternusenergy.com

+1 (913) 815-1557