Alternus Clean Energy terminates solar parks acquisition agreement in South Carolina
- Alternus Clean Energy terminated its agreement to acquire solar installations due to unmet closing conditions.
- The deal involved approximately 80MWp solar installations across eight U.S. states, initially announced in May 2024.
- The company remains committed to growth in the renewable energy sector and is exploring other strategic opportunities.
On September 19, 2024, Alternus Clean Energy, Inc. announced the termination of its Membership Interest Purchase and Sales Agreement (MIPSA) with C2 Taiyo Fund I, LLP. This agreement was intended for the acquisition of approximately 80MWp solar installations across eight U.S. states, a deal initially revealed on May 1, 2024. The termination was attributed to the seller's failure to meet necessary closing conditions and significant changes in the asset portfolio that was to be acquired. Vincent Browne, CEO of Alternus, expressed disappointment over the inability to proceed with the transaction as planned. However, he emphasized that this setback does not hinder the company's strategic growth initiatives. Alternus remains focused on expanding its presence in the renewable energy sector, with ongoing projects and potential acquisitions in the pipeline. The company is committed to developing and operating utility-scale solar parks in North America and Europe, aiming to reach 3GW of operating projects within five years. This ambitious goal reflects Alternus's dedication to sustainable energy solutions and its vision of harmonizing people and the planet through renewable power. Despite the challenges faced with this particular acquisition, Alternus is actively pursuing other strategic opportunities, including a recent joint venture with Hover Energy. The company is determined to continue its growth trajectory in the clean energy market, reinforcing its position as a leading independent power producer.