Alternus Clean Energy, Inc. announced on October 8, 2024, the sale of its Irish subsidiary, Solis Bond Company DAC, along with its Romanian subsidiaries, to Solis Trustee Special Vehicle Limited. The transaction, completed on October 3, 2024, was for a nominal fee of one Euro (€1.00).
As a direct result of this divestiture, Alternus has removed approximately $100 million in debt and payables associated with Solis's activities from its balance sheet. This strategic move is expected to boost shareholders' equity by around $45 million.
Despite Solis accounting for 98% of the group’s revenues for the six months ended June 30, 2024, Alternus will record the sale as discontinued operations, as it no longer has business activities in Romania. CEO Vincent Browne stated that the sale aligns with the company’s efforts to reduce debt and strengthen its balance sheet as it repositions as a more comprehensive energy provider.
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