Alternus Energy Group completes €9M funding led by asset manager AVG Group Sarl

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Alternus Energy Group PLC (NOTC:ALT), the fast-growing pan-European independent power producer, announced the recent issuance of €9 million convertible notes lead by AVG Group Sarl, a Luxembourg-based asset manager that specializes in scaling Nordic environmental, social and corporate governance (NSG), and technology. 

Alternus said AVG provided €8 million of the total investment, with the remainder being provided by private individuals.

“We are delighted to have AVG as a new financing partner and look forward to working with them going forward as we continue to grow Alternus over the next few years in our continuing mission to become one of the largest pan-European solar operators by the end of the decade,” Alternus Energy CEO Vincent Browne said in a statement. 

READ: Alternus Energy harnesses the power of the sun to play a leading role in the green energy drive

Meanwhile, Alternus explained that it decided to move its US listing to the Euronext exchange in Oslo as it represents an “attractive market for renewable related companies” and as a result of its active trading within the green bond markets. “Oslo, also provides a European-based listing for a European-focused company,” noted Alternus.

Alternus said AVG joins other Nordic investors in the company and plans “further funding” to supply Nordic-based capital to Alternus over time, with a “particular focus on eastern European countries.”

In addition to funding, AVG and its team will “help supply innovative solutions to the structure of the solar parks with some hybrid opportunities,” said the company. Its new financing partner will also help supply it with the “latest technologies coming from Norway” and the Nordic countries, according to the company.

“Working with Alternus helps prove that the Nordics are leading the way in terms of green investments. Vincent and his team have proven their performance capabilities over recent years and continue to impress in their ability to source excellent solar projects with long-term positive income streams,” said AVG Group founder CEO Karl Andersen.

“New innovation and financial markets in the Nordics should prove to help push the world towards a cleaner and greener future and AVG looks forward to playing its part in this.”

Alternus has grown in four years from being a small Romania-based operator of two solar parks with 6 MWp to becoming a pan-European independent power producer. It currently has a portfolio of 39 owned or contracted parks in Germany, Italy, Netherlands, Romania and Poland in excess of 140 MWp capacity.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

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