Going Vertical with Alternus: A Clean Energy IPP Focused on Transatlantic Smaller Utility-Scale Projects
Alternus Clean Energy, Inc. (Alternus) is a transatlantic clean energy independent power producer (IPP) that develops, installs, owns, and operates small utility-scale and community solar parks (5 MW to 200 MW) in the US and Europe. The company aims to reach 1.5 GW of operational projects through organic development and strategic acquisitions within the next three years. Those interested can access our fireside chat with Alternus from January 12, 2024, on demand. Alternus differentiates itself by focusing on small utility-scale and community solar projects with a fully vertically integrated execution strategy ranging from project development through to long-term asset management. This model creates capex efficiencies throughout the solar development cycle, retains more control over project economics, and creates valuable clarity through a controlled pipeline of projects. Senior management brings significant operational and investment experience for a company of this size. The business model is designed to deliver visible, long-term, recurring cash flow through organic development and strategic acquisitions, with approximately 70% of its revenue under long-term contracts with rated corporate counterparties. Alternus has been operating since 2017, building the foundation of a business that is set for sustainable growth across Europe and the US. As of January 2024, after divesting non-core assets as part of its NASDAQ listing, the company has 44 MW of operational assets, more than 200 MW set to begin construction in 2024, and more than 300 MW in various stages of development. It expects to maintain average gross margins above 80%. The total available market (TAM) for Alternus is substantial and growing in the EU and the US, with industry-wide installed capacity expected to grow from 2019-2026 at a CAGR of 13% in the EU and 28% in the US. Importantly, small utility-scale is the fastest-growing section within the solar sector versus residential, C&I, and community.
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