Alternus Energy Group Plc. completed a previously announced business combination with a special purposes acquisition company Clean Earth Acquisitions Corp. to create a new company, Alternus Clean Energy Inc. (Source: Shutterstock)
Ireland’s Alternus Energy Group Plc. (AEG), a transatlantic clean energy independent power producer, has completed a previously announced business combination with a special purposes acquisition company Clean Earth Acquisitions Corp. to create a new company, Alternus Clean Energy Inc.
Law firm Winston & Strawn said the acquisition was valued at $575 million.
The merger was approved by Clean Earth shareholders in a special shareholders meeting in early December.
Under the terms of the amended business combination agreement, AEG owns approximately 80% of the company, with the remainder owned by Clean Earth sponsors and public shareholders.
The company has acquired a majority of AEG’s assets while AEG will continue to exist as a separate legal entity and continue to trade on the Euronext Growth stock market in Oslo. The assets acquired comprise of 168 megawatts (MW) in operation, 98 MW under construction and more than over 300 MW in various stages of development. The company said it has an acquisition pipeline of more than 1 gigawatt (GW) of power generation.
Alternus Clean Energy’s common stock is expected to begin trading on the NASDAQ Stock Market on Dec. 26 under the ticker symbol ALCE.
"The completion of the business combination with Clean Earth and resultant listing on NASDAQ is a key strategic pillar in our commitment towards a sustainable future,” said Alternus Clean Energy CEO Vincent Browne. “Following a year of consolidation and reshaping the business to best capture the opportunities in hand that deliver higher margins with lower equity requirements, we are now very well positioned to accelerate our impact, extend our reach and drive significant growth in the business towards our goal of having 3 GW of operating assets within the next five years.”
Clean Earth was advised by Jones Group Ventures LLC as financial advisers with Winston & Strawn LLP, Proskauer Rose LLP serving as legal counsel on the transaction.
AEG was advised by Sichenzia Ross Ference Carmel LLP as their legal counsel.
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