Irish energy group strengthens portfolio of PV projects in Romania

Dublin-based pan-European independent power producer Alternus Energy Group Plc (ALT) continues its European expansion by acquiring the 20 MWp solar park LJG Green Source Energy Beta (LJG) in Romania from Risen Energy GmbH, The Irish Times reported.

Alternus has paid EUR 22 mln for full ownership of the operating company but has held back just under EUR 1 mln of the proceeds that will be released upon the conclusion of an ongoing regulatory inquiry.

This is the company's second acquisition in Romania this year and the largest single park the company has acquired to date.

In March, Alternus extended its portfolio with two solar parks in Romania, with a combined capacity of 15.4 MWp, bought from Renesola Power.

This latest acquisition of LJG provides an additional 20 MWp of solar PV power generation capacity, more than doubling the company's power capacity in Romania to over 40 MWp.

This acquisition represents a 29% increase in the company's total installed capacity, bringing the current operating portfolio to 68 MWp across four countries.

"With this acquisition, we expect to maintain our average earnings before interest, taxes, depreciation, and amortization [EBITDA] margins of approximately 80%," said the group's chief financial officer, Joseph Duey.

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