US solar developer and power producer Alternus Clean Energy Inc (NASDAQ: ALCE) has announced it will not move forward with the acquisition of an 80-MWp solar portfolio across eight US states.
The company stated on Thursday that it has cancelled its membership interest purchase and sales agreement (MIPSA) with C2 Taiyo Fund I LLC due to the vendor’s failure to meet certain closing conditions and significant changes in the portfolio.
“It is unfortunate that we cannot continue with this transaction as planned. However, this is just one of many identified strategic acquisitions and business growth areas underway for Alternus,” said CEO Vincent Browne.
The deal, originally signed in May, was valued at approximately USD 60 million (EUR 53.7m) and included 33 solar assets with long-term power off-take agreements in place. The agreement also involved the assumption of existing debt.
Alternus Energy is aiming to achieve 3 GW of operating capacity within the next five years through a combination of organic development and acquisitions.
“We remain fully committed to the renewable energy market in the US, whether via the acquisition of operating or ready-to-build projects and look forward to sharing these as soon as we can,” Browne added.
