Alternus Energy Group Plc announced that it has expanded its project ownership by acquiring a 32 MWp portfolio of Solar PV projects in Valencia, Spain, known as the "NF Projects". The portfolio consists of six projects in total: five of which, totaling 24.4 MWp, are expected to reach operation in Second Quarter 2024, with the remaining project expected to achieve operation in First Quarter 2025. Once operating, 10-year average annual revenues from the initial portfolio of five will be approximately $2.3 million, going to $2.8 million once all are connected.

The total expected capital expenditure to bring the projects to operation is approximately $31 million with local bank Banco Internacional Espanol-Bankinter providing the initial funding for the acquisition. Project construction will be managed by Alternus subsidiary Unison. With an estimated useful life of 30 years, the NF Projects will generate stable and predictable income streams for decades, enabling Alternus to utilize flexible debt options that can maximize equity returns.

The NF Projects will meaningfully contribute to the Company's stated EOY 2024 EBITDA run rate target of $90 million.