Alternus Energy Group

M&A Activity • Dec 22, 2023

Definitive Agreement Signed

Definitive Agreement Signed

Reference is made to the press release issued by Alternus Energy Group Plc (OSE: ALT) (“Alternus” or the “Company”) on 21 November 2023, regarding the planned sale of its operating solar projects in Poland. The Company and its wholly owned subsidiary, Solis Bond Company DAC ("Solis”) are pleased to announce that Solis has now executed a Preliminary Share Purchase Agreement with SINO-CEE Fund II for the sale of 100% of the share capital in six of its subsidiary project companies (“SPVs”) holding a portfolio of 88.5 MW solar farms projects in Poland (the "SPA").

The transfer of the full legal title to all the shares in the Polish SPVs to Sino Ceef will occur upon receipt by Solis of the agreed purchase price ("Completion") from the buyer. The total remuneration consisting of the purchase price and the repayment of shareholder’s loans granted to SPVs is in line with what the Company previously announced on 21 November 2023 and will be used to pay down the Solis Bond.

The SPA contains customary interim covenants of the Seller concerning the period between the execution date of the SPA and Completion, and is subject to various closing conditions. Completion will occur once all conditions precedent have been met, which is anticipated to occur in January of 2024.

EY acted as the sole Financial Advisor to the Company in these transactions.

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 within 5 years 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.

Forward-Looking Statements

Certain information contained in this letter, including any information on the Company’s plans or future financial or operating performance and other statements that express the Company’s management’s expectations or estimates of future performance, constitute forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Such statements are based on a number of estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the control of the Company. The Company cautions that such forward-looking statements involve known and unknown risks and other factors that may cause the actual financial results, performance or achievements of the Company to differ materially from the Company’s estimated future results, performance or achievements expressed or implied by the forward-looking statements. These statements should not be relied upon as representing Alternus’ assessments of any date after the date of this notice The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

For More Information:

Alternus Energy Group

ir@alternusenergy.com

+1 (913) 815-1557

or

The Blueshirt Group

alternus@blueshirtgroup.com

+1 (323) 240-5796