Transatlantic clean energy independent power producer Alternus Energy Group said it completed its business combination with Clean Earth Acquisitions.
Now renamed Alternus Clean Energy will continue to trade on the Euronext Growth stock market in Oslo under the ticker (OSE: ALT).
Alternus Clean Energy’s common stock is also expected to begin trading today on the Nasdaq under the ticker symbol ALCE.
Ireland-based Alternus is a transatlantic clean energy independent power producer. Headquartered in Ireland, the company develops, installs, owns and operates utility scale solar parks in Europe and the U.S. The assets acquired comprise 168 megawatts (MW) in operation, 98 MW under construction, over 300 MW in various stages of development and an acquisition pipeline of over 1 GW.
The deal was announced in October 2022.
Clean Earth in April lowered the deal value to $275 million — down from the initial $550 million. The SPAC also reduced earnout shares to 20 million from the original 35 million shares and tweaked the milestones for the earnouts.
Clean Earth said 1 million shares will be held in reserve for post-closing working capital adjustments.
The SPAC raised $200 million in a February 2022 IPO. Read more.
