Alternative Clean Energy (NASDAQ: ALCE) has completed its first tax equity transaction utilizing the Inflation Control Act Investment Tax Credit (ITC) structure. The transaction included a tax credit transfer of approximately $1.74 million of the 2023 ITC for the Omohundro and Whites Creek solar projects in Tennessee. These facilities provide energy for the operation of Metro Water Services. The proceeds were used to cover transaction costs and reduce senior debt, improving the company’s consolidated balance sheet position.
Alternus Clean Energy (NASDAQ: ALCE) has completed its Inflation Reduction Act (ITC) fiscal balancing administration. ITC Dell 2023 deal in Whites Creek, Tennessee for approximately $174 million. This is a quest to install energy from Metro Water Services. I review that situation to control senior costs and increase protection.
Alternative Clean Energy (NASDAQ: ALCE) has completed a major fiscal policy credit recovery (ITC) inflation reduction capital transaction. ITC will receive $1.74 million in 2023 between Project Solares Omohundro and White’s Creek Anne Tennessee. We will install the energy needed to operate Metro Water Services. Customers can reduce transaction costs and save money on senior rebalancing.
Alternative Clean Energy (NASDAQ: ALCE) 2023 ITC $1.74 $1.74 $1.74 $1.74 $1.74 I want to know what I want to know. I want to know what I’m talking about It’s a good idea.
Alternative Clean Energy (NASDAQ: ALCE) has completed a premier capital financing transaction under the Inflation Control Act Investment Credit Structure (ITC). Omohundro and White’s Creek dans Le Tennessee will see a $174 million deal with ITC pouring into Project Solaire. Ces facilities are full service for providing subway services. Efforts towards senior deals and enterprise consolidation should be stepped up to improve the position of enterprises.
Alternative Clean Energy (NASDAQ: ALCE) is targeting the Inflation Control Capital Transactions Research Institute (ITC). Tennessee solar project Omohundro and White’s Creek deal with ITC for $1.74 billion at Steuergutschriften in Hohe Von. Die Erlöse wurden verwendet, um Transaktionskosten zudecen und die vorrangigen Schulden zu reduzieren, wodurch die konsolidierte Bilanzposition des Unternehmens veressert wurde.
positive
Successfully secured $1.74 million in tax credits through an IRA Reducing senior debt with proceeds from tax credits Improved balance sheet capital position
insight
This tax credit transaction marks a significant milestone for Alternus Clean Energy and demonstrates effective utilization of the IRA’s new ITC structure. The transfer of $1.74 million in tax credits will have an immediate positive impact on the company’s financial health, directly reducing senior debt and strengthening its balance sheet. This type of financing mechanism typically improves project-level returns and reduces the overall cost of capital.
The successful execution of this first tax-equity transaction creates a blueprint for future transactions and has the potential to accelerate Alternus’ project development pipeline while optimizing its capital structure. The ability to monetize tax credits through transfers rather than traditional tax-paying partnerships provides greater flexibility and can be financially advantageous. With this development, the company is well-positioned to expand its utility-scale solar power business, particularly in the U.S. market where IRA incentives have significantly increased investment in renewable energy.
October 23, 2024 – 8:30am
The net proceeds from the tax credit transfer reduced existing debt and further deleveraged the balance sheet.
FORT MILL, South Carolina–(Newsfile Corp. – October 23, 2024) – Alternus Clean Energy, Inc. (NASDAQ: ALCE) (“Alternus”) is a leading transatlantic clean energy independent clean energy company. Power Generation Producer (IPP). has completed the first closing of a tax equity transaction utilizing the Investment Tax Credit (ITC) structure introduced in the Inflation Control Act (IRA).
The transaction was completed by a wholly owned subsidiary of Alternus in the form of a transfer of approximately $1.74 million in 2023 ITC tax credits. The project portfolio consists of the Omohundro Solar Project (“Omohundro”) and the Whites Creek Solar Project (“Whites Creek”), both owned by Lightwave Renewable LLC, a wholly owned subsidiary of the State of Tennessee. These facilities provide the majority of the energy needed to operate Metro Water Services at the Omohundro and Whites Creek campuses.
All proceeds from the tax credit transfer were used to repay transaction costs and senior debt for these projects, further improving the overall capital position of Alternus’ consolidated balance sheet.
“We are excited to have completed our first tax-equity transaction that significantly reduces the capital required for our projects as we work to advance renewable energy in the United States,” said Vincent Browne, CEO of Alternus. , we look forward to taking advantage of additional transactions.” We will continue to develop industry, support job growth, and promote local economic development. ”
About Alternative Clean Energy:
Alternus is an independent transatlantic clean energy power producer. Headquartered in the United States, the company currently develops, installs, owns and operates utility-scale solar parks in North America and Europe. Alternus’ highly motivated and dynamic team has experienced rapid growth in recent years. Based on this, our goal is to achieve 3GW of operational projects within five years through continued organic development activities and targeted strategic opportunities. Our vision is to be the leading provider of 24/7 clean energy, delivering a sustainable future of renewable power in harmony with people and planet.
Forward-looking statements
Certain information contained in this release, including information regarding our plans, future financial or operating performance, and other statements that represent our management’s expectations or estimates of future performance, may constitute forward-looking statements. Configure. When used in this notice, “anticipate,” “believe,” “continue,” “may,” “estimate,” “expect,” “intend,” “may,” “may”, “plan”, “may”, “could”, “anticipate”, “predict”, “should”, “may”, “plan”, “should”, “could”, “could”, “anticipate”, “anticipate”, “should”, “when related to us or our management. The words “is,” “will,” and similar expressions identify forward-looking statements. Such forward-looking statements are based on management’s beliefs, assumptions made by the Company’s management and information currently available to the Company’s management. Such statements are based on numerous estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the Company’s control. We believe that such forward-looking statements involve known and unknown risks and that our actual financial results, performance or achievements may not reflect our anticipated future results, performance or performance, whether expressed or implied by such forward-looking statements. You are cautioned that there are other factors that may cause results to differ materially. Appearance statement. These statements should not be relied upon as representing ratings of Alternus after the date of this release. We undertake no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227527.
FAQ
How much tax credit did Alternus Clean Energy (ALCE) secure in its first ITC transaction?
Alternus Clean Energy has secured approximately $1.74 million in 2023 Investment Tax Credits (ITC) through an initial tax equity transaction.
Which solar projects were involved in Alternus Clean Energy’s (ALCE) first ITC transaction?
The Omohundro Solar Project and Whites Creek Solar Project in Tennessee, both owned by Lightwave Renewables, were involved in the tax credit transfer.
How did Alternus Clean Energy (ALCE) use the proceeds from the 2023 ITC transaction?
Proceeds were used to cover transaction costs and repay the project’s senior debt, improving the company’s overall capital position.
