Alternus Energy Group

Investor Presentation • Aug 17, 2021

SECOND QUARTER 2021

17th AUGUST 2021

Caution Forward Looking Statements

Some of the statements contained in this document, including information incorporated by reference, discuss future expectations, plans or prospects, or state other forward looking information Words such as "intends", "believes", "expects," "anticipates,", "plans," "estimates," "should," "likely" or similar expressions reflecting something other than historical fact are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Such statements include, but are not limited to, statements about the benefits to the value of the Company's stock. Such forward looking statements are based upon the current beliefs and expectations of the Company's management and are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the control of the Company. Actual results may differ materially from the results anticipated in these forward-looking statements. Factors, among others, that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements include and are not limited to: General business and economic conditions; the performance of financial markets and interest rates; the ability to obtain government approvals; and possible delays in government approvals. While we may elect to update these forward- looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our views change. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today. In addition, actual results or stockholder values may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, but not limited to, our ability to raise the necessary financing required to acquire the targeted renewable energy power plants listed herein and in other documents, on suitable terms. At this time, we do not have any offer to finance these plants and there is no guarantee that such financing will be agreed on suitable terms, or at all. If the Company does not succeed in raising the required financing, then the plans outlined herein will be significantly curtailed.

This is not an offer to buy or sell securities

This document is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities in the Company or any related or associated company. None of the information or analyses presented are intended to form the basis for any investment decision, and no specific recommendations are intended. Accordingly, this document does not constitute investment advice or counsel or solicitation for investment in any security. This document does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. The Company expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the document, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.

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Vincent Browne

CEO & Chairman CFO

• § Vincent will present:
• Key Metrics
• Business Update
• Market Outlook

Joseph Duey

• § Joe will present:
• Financial Performance

1) Net Income includes EUR 13.3 million of one time gain on acquisition of certain assets and gain from debt forgiveness in the period. Please refer to the CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME in the second quarter financial report.

CURRENT PORTFOLIO OF DIVERSIFIED SOLAR PV ASSETS – AUGUST 2021 Q2'2021 Financial Presentation

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Team

Sizable and diversified portfolio of European producing PV assets with attractive return characteristics (incl. Poland park1)

Current	Number of	Operating	Annual production	Operational	Run-rate	Weighted avg. unexpired
Headcount	assets in operation	capacity	Operational	ARR	Project EBITDA	FiT/PPA term
28	24 1	130 MW	143 GWh	EUR 19.9m	EUR 17.6m	8.8 years

1) Poland acquisition not yet completed but Alternus is receiving cash benefit since January 1, 2021 – expected to close September 2021.

2) As at date of this report – August 17, 2021

Q2'2021 Financial Presentation TYPICAL SOLAR PROJECT LIFE CYCLE - ALTERNUS POSITIONING

PROJECT DEVELOPMENT ("Project Rights")			CONSTRUCTION PHASE ("EPC")		OPERATION PHASE ("O&M")
Early Development stage	Mid Development stage	Late Development stage	Construction & Commissioning Phase		Early operations Year 1-2	Long-term Operations – 30+
Project Identification Feasibility Analysis No fatal flaws identified	Site secured Positive Grid assessment, Connection Offer Environmental assessment	Finalising Financial Model Building Permits Grid connection secured PPA secured	Construction planning, procurement of components and services Park physically constructed Ready to Connect	Grid Connection & commissioning Start of energy production Production ramp up	Proof of cashflow and planning parameters O&M Asset Management	Long term production Operational life span optimization Potential technical upgrades
Low development costs	Low development costs	Grid Connection Deposit	Construction costs, commissioning costs and operating costs in test phase		Operation and Maintenance – Asset Management costs
	~5% of capital costs	~10% of capital costs	~85% of capital costs
		"Ready-to-Build" "RTB"			"Commercial Operation Date" "COD"

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Extensive third-party expert analysis of technical, regulatory and profitability before acquiring new projects

1) Producing assets include the pending Poland acquisition not yet completed. Alternus is receiving cash benefit since January 1, 2021 – expected to close September 2021

Contracted Assets and Owned Backlog projects all expected to be operational by end of 2023

1) Producing assets include the pending Poland acquisition not yet completed. Alternus is receiving cash benefit since January 1, 2021 – expected to close September 2021

• Construction and development projects in Netherlands were acquired with the Unisun transaction
• Development projects expected to go into production at various times before the end of 2023

Diversified Portfolio (MWp)

• Construction and development projects in Netherlands were acquired with the Unisun transaction
• 14MW of Netherlands total is Rotterdam Airport project currently in construction with Q1 2022 operation date

1) Producing assets include the pending Poland acquisition not yet completed. Alternus is receiving cash benefit since January 1, 2021 – expected to close September 2021

Total Contracted Assets (MWp) Diversified Portfolio (MWp)

Contracted Assets represent were

• Commercial terms are agreed Alternus has exclusivity
• Due diligence not yet concluded 80% completion expectation
• Expected to close within six months

It is important to note that Alternus is not at this stage obligated to move forward with an acquisition should the full due diligence investigation uncover unsuitable outcomes to proceed.

Equivalent to the carbon sequestered by 457,695 trees grown for 10 years

Equivalent to CO2 emissions from 2.7 million gallons of diesel consumed

Equivalent to removing 6,020fossil fuel-based passenger vehicles from the road for one year

Alternus Commitments under our Green Bond Framework

• § Alternus uses a leading Meteocontrol Performance Monitoring System to track CO2 equivalent emissions avoided by the portfolio of operational Solar PV parks.
• § A Green Bond Framework was published on www.alternusenergy.com that was carried out as part of a recent Green Bond Placement. Under this framework Alternus is committed to implementing a formal strategic Sustainability Policy Framework to be established by the company over the next 12 months.
• § As part of the Sustainability Policy Framework, the company will ensure that all aspects of project development are carried out in a sustainable manner mitigating any local social and environmental impacts that have been identified throughout the development of the project.
• § In addition as part of the Sustainability Policy Framework, Alternus will further strengthen its strive for responsible procurement when making decisions on partners, contractors and subcontractors used during project development.

Contracted Revenue Backlog ~27,680 Metric Tons CO2-eq Emissions Avoided

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Q2'2021 Financial Presentation 11

Power Production (GWh)

Q2'2021 Financial Presentation 12

Q2 2021– Revenues and EBITDA (EUR 000's)

• assets in the period
• EBITDA gains primarily due to increased revenues
• 75% average project gross margins

First Half 2021 - Revenues and EBITDA (EUR 000's)

• Increase in revenues primarily due to addition of 39MW operating assets in 2021
• EBITDA turned positive from negative in prior year primarily due to increased revenues
• Corporate cost increased due to cost associated with Euronext listing, and prior year stock compensation

Note: 1. Additional Producing plants acquired in Q2'21 (Romania 20MWs, Italy 1.5MWs had minimal impact on Q2'21 Revenues and EBITDA as all were acquired in middle of Q2 However, the Company did receive equivalent net cashflows as if the plants had been owned from January 2021.

Q2'2021 Financial Presentation IMPROVED BALANCE SHEET PROVIDES STRONGER FINANCIAL POSITION

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As of June 30, 2021

Consolidated Balance Sheet	Project Level	Corporate Level	Group
Investment in Energy properties	106.8	-	106.8
Cash & Cash equivalents1	50.0	8.7	58.7
Other Current Assets	6.2	1.7	7.9
Total Assets	163.0	10.4	173.4
Short Term Debt	1.6	.6	2.2
Trade & Other	9.6	1.2	10.8
Current Liabilities	11.2	1.8	13.0
Long Term Debt	109.5	9.0	118.6
Other LT payables	2.3	-	2.3
Equity	40.0	(.4)	39.5
Total Equity & Liabilities	163.0	10.4	173.4

Consolidated financial position (EUR million)

1. Includes €36 million of restricted cash for contracted acquisitions not completed by June 30, 2021

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As of June 30, 2021

Consolidated Cash Flow	EUR (m)
Net Income / (loss) after tax	10.3
Non-cash items and working capital changes	(11.7)
Net Cash Flow from Operating Activities	(1.4)
Net Cash Flow from Investing Activities	(58.1)
Net Cash Flow from Financing Activities	116.5
Effect of Exchange Rate on Cash	0.2
Net Increase in Cash and Cash Equivalents	57.3
Cash and Cash Equivalents at the beginning of the period	1.4
Cash and Cash Equivalents at the end of the period	58.7

• § Net cash flow from operations was EUR (1.4)M, this included EUR 7.6M of cash paid for interest.
• § Net cash from investing activities, included EUR 57.3M for the purchase of the 35MW of assets in Romania, and 6MWs of assets in Italy.
• § Net cash from financing activities, included EUR 110M bonds issued plus EUR 27M and EUR 7M equity raises. This was netted against the EUR 24M for refinancing of existing debt less various fees and expenses.
• § Ending cash balance includes EUR 36M of restricted cash reserved for project acquisitions under the bond terms

^1. Includes €36 million of restricted cash for contracted acquisitions not completed by June 30, 2021

Cost of Acquisition	Total Romania Acquisitions	Total Italy Acquisitions			(EUR million)
Contracted Purchase Price	45,926	8,214			69.3
Net Working Capital after adjustments	2,668	498	59.7	9.6
Total Acquisition Cost	48,594	8,712
Fair Value of Assets Acquired
NPV of DCF - Energy Asset	58,690	8,403
Net Working Capital	1,082	1,192
	59,772	9,595
Bargain Purchase	11,178	883	Fair Value	Fair Value	Total Fair
			- Romania	- Italy	Value
Weighted Average Cost of Capital	7.10%	7.10%	Projects	Projects

§ FRS 3 'Business Combinations', outlines the accounting when an acquirer obtains control of a business (e.g. an acquisition or merger). Such business combinations are accounted for using the 'acquisition method', which generally requires assets acquired and liabilities assumed to be measured at their fair values at the acquisition date. A bargain purchase occurs when businesses are acquired for less than fair market value. In a bargain purchase business combination, a corporate entity is acquired by another for an amount that is less than the fair market value of its net assets. Current accounting rules for business combinations require the acquirer to record the difference between the fair value of the acquired net assets and the purchase price as a gain on its income statement due to negative goodwill.

Annual Recurring Revenues ('ARR') (EUR million)

• § 90% of ARR's covered by long term FiT/PPA contracts
• § Power plants have total operating lives of 25-35 years
• § Additional PPA's will be negotiated as required at end of current contracts

Q2'2021 Financial Presentation 2021 BOOKED REVENUES BRIDGE TO 'ARR'

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• § 15MW of operational projects in Romania closed March 2021
• § 20MW of operational project in Romania closing in April 2021
• § 65MW Polish project set to close in September
• § Full year ARR's have ~8.5 years contracted period remaining

Installed solar capacity in Europe (GW)

Commentary

• § European solar power capacity has increased rapidly in the last decade, growing 10% p.a. since 2012
• § Going forward, Europe capacity expected to continue growing fast, with annual growth of 12% towards 2023
• § Annual capacity additions expected at ~29 GW in 2021-23, approx. similar y/o/y growth rate as 2019

Mass Solar PV adoption phase as grid-parity achieved

Growth is now market demand driven – not subsidy driven

Swinging towards operator model

Source: Bloomberg New Energy Finance Note: Europe refers to all EU countries plus Switzerland, Ukraine, and Turkey. Growth driven by current owned backlog and contracted assets

2025 operational portfolio target increased by 75% to 3.5 GWp

Indicates ~EUR 110m ARR's at YE2023

Potential ~EUR 250m ARR's at YE2025

Q2'2021 Financial Presentation

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THE SUN DELIVERS MORE ENERGY TO EARTH IN AN HOUR THAN IS USED WORLDWIDE IN A YEAR

MOST OF THIS ENERGY IS LOST

ALTERNUS HAS MADE ITS MISSION TO MAKE THIS ENERGY WIDELY AVAILABLE