Alternus Clean Energy, Inc. (ALCE): M&A transaction — Alternus Clean Energy sells Solis subsidiary for €1, removes $100M debt, loses 98% of revenue

Alternus Clean Energy, Inc.

Solis (98% of H1 2024 revenue) sold to bondholders' vehicle Solis Trustee Special Vehicle Limited for €1 on October 3, 2024.
Debt and payables removed approximate $100 million; shareholder equity improves by approximately $45 million.
Solis (Romania operations) will be recorded as discontinued operations; Alternus retains no Romanian business.
Vincent Browne and John McQuillan resigned as directors of Solis and its subsidiaries.
Alternus expects to reposition toward microgrids and battery storage; joint venture with Hover Energy previously announced.

item 2.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Alternus Clean Energy, Inc. completed a disposition involving Solis Bond Company DAC (closed 2024-10-03).

Action: disposition
Counterparty: Solis Bond Company DAC
Closing: 2024-10-03

Exact text from the filing

The consummation of the Transfer completed on 3 rd of October 2024

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Alternus Clean Energy, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-086086

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