Dublin, 17 October 2022 - Alternus Energy Group plc ("Alternus") (OSE: ALT)
today announced the establishment of its development business, Altnua, which
aims to become one of the leading specialist renewable asset developers in
Europe and the US. Altnua will focus on developing utility scale projects from
the ground up working with landowners and local developers as well as corporate
off-takers to achieve their net zero goals.
Bill Sadlier will lead the new business as Chief Executive Officer. Prior to
establishing Altnua, Mr Sadlier served as the Chief Financial Officer and
Executive Director at BNRG where he led the business through transformative
private equity deals on both sides of the Atlantic. Mr Sadlier has an extensive
track record in the renewable energy industry having developed, financed, and
delivered over 1 GW of renewable capacity in Europe and North America since 2004
with businesses including NTR plc.
"Joining Alternus at this pivotal point, when demand for clean energy is greater
than ever, will allow Altnua to respond to critical decarbonisation targets and
contribute to future growth for the group. I am confident as part of Alternus,
Altnua has the right foundation, resources, and expertise to create an industry
leading development business. We have an ambitious vision for this business with
a goal of adding over 5GW's of organically developed operational parks to the
Alternus portfolio by the end of the decade," said Bill Sadlier.
As part of Alternus, Altnua can take a responsible long-term approach to
developing projects, on a 'develop to own' basis, across a range of technologies
using innovative energy solutions. A central theme of Altnua's growth strategy
will be the acquisition of development businesses to scale their portfolios. A
number of executives and professionals are expected to join Altnua in the coming
months as Bill Sadlier builds out the team to execute on the ambitious plan.
"Establishing a specialist development business led by an experienced team is
the next logical step for Alternus as we continue in our current growth path. As
long-term owners of clean energy projects, we see tremendous value by stepping
in earlier in the value chain. This allows us to reduce our overall capital
expenditure and to optimise the long-term design and operation of the projects
from inception, including the use of storage and other hybrid solutions. This
will also provide an assured pipeline of future operational parks to support
better planning and use of group resources. I am delighted for Bill to lead this
exciting new chapter in our development and also welcome him onto the Alternus
Executive Management Team," added Vincent Browne, Group Chief Executive Officer
and Chairman of Alternus.
To learn more about the new business visit the website at www.altnua.com
About Altnua
Established in 2022, Altnua, an Alternus Energy Group company, is a specialist
renewable asset developer. Headquartered in Dublin and with operations across
the EU and US, Altnua is developing a pipeline of solar and storage assets
totalling 5GW.
Website: www.altnua.com
LinkedIn: https://www.linkedin.com/company/altnua/
About Alternus Energy
Alternus Energy Group Plc is an international vertically integrated independent
power producer (IPP). Headquartered in Ireland, and listed on the Euronext
Growth Oslo, the Company develops, installs, owns, and operates midsized utility
scale solar parks. The Company also has offices in Rotterdam and America.
Alternus Energy aims to own and operate over 3.5 gigawatts of solar parks by the
end of 2025. For more information visit www.alternusenergy.com.
On October 12, 2022, Alternus announced the execution of a definitive business
combination agreement with Clean Earth Acquisitions Corp. (NASDAQ: CLIN), a
climate technology and energy transition-focused special purpose acquisition
company. The transaction is expected to close in the first quarter of 2023, at
which point the combined company's common stock is expected to trade on the
Nasdaq Market.
About Clean Earth Acquisitions Corp.
Clean Earth Acquisitions Corp. is a blank check company formed for the purpose
of effecting a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business combination with one
or more businesses or entities. For more information visit
www.cleanearthacquisitions.com.
Participants in the Solicitation
Clean Earth, Alternus Energy and their respective directors and executive
officers may be deemed participants in the solicitation of proxies from Clean
Earth's shareholders in connection with the Proposed Business Combination.
Information regarding the directors and executive officers of Clean Earth and
their ownership of Clean Earth common stock is set forth in Clean Earth's final
prospectus filed with the SEC on November 19, 2021, in connection with Clean
Earth's initial public offering. Information regarding the persons who may,
under SEC rules, be deemed participants in the solicitation of proxies to Clean
Earth's shareholders in connection with the Proposed Business Combination will
be s included in the proxy statement that Clean Earth intends to file with the
SEC. Additional information regarding the interests of participants in the
solicitation of proxies in connection with the Proposed Business Combination
will be included in the proxy statement that Clean Earth intends to file with
the SEC. You may obtain free copies of these documents as described above.
Forward-Looking Statements
Certain statements included in this press release that are not historical facts
are forward-looking statements for purposes of the safe harbor provisions under
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements are sometimes accompanied by words such as "believe,"
"may," "will," "estimate," "continue," "anticipate," "intend," "expect,"
"should," "would," "plan," "predict," "potential," "seem," "seek," "future,"
"outlook" and similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These forward-looking
statements include, but are not limited to, statements regarding Alternus'
growth, prospects and the market for solar parks and other renewable power
sources. These statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations of the
respective management teams of Alternus and Clean Earth and are not predictions
of actual performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as and must not be
relied on by an investor as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and circumstances are
difficult or impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Alternus and Clean Earth.
These forward-looking statements are subject to a number of risks and
uncertainties, including: the impact of reduction, modification or elimination
of government subsidies and economic incentives (including, but not limited to,
with respect to solar parks)