Alternus Energy Inc. marked its expansion into the Netherlands with a deal to acquire Zonnepark Rilland BV and its operational 11.75-MW solar photovoltaic power plant for $11.8 million, or €10.5 million.
The purchase price includes the assumption of third-party senior bank debt worth approximately $8.1 million, or €7.2 million. The seller will also receive up to an additional $560,000, or €500,000, in the form of an earnout based on net cash proceeds received by the solar park over a set annual power output of 10,865 MWh. The total consideration will be adjusted for working capital movements between April 30 and closing.
Rilland has a 15-year government counterparty feed-in tariff contract, plus a power purchase agreement with a local energy operator.
Alternus expects Rilland to add approximately $1.4 million, or €1.2 million, in annual revenues for at least 15 years at an average 75% gross margin, based on current energy production.
"This is just the beginning of our expansion in the Netherlands as we are partnered with local developers and already have additional projects in the near-term pipeline. We believe we can aggregate to 200 MW over the next three years based on current activities," Alternus Energy CEO, President and Chairman Vincent Browne said.