Alternus Secures First Investment Tax Credit under the IRA to Finance Solar Projects

Core Insights - Alternus Clean Energy, Inc. has successfully completed its first tax equity transaction utilizing the investment tax credit (ITC) structure from the Inflation Reduction Act (IRA) [2][3] - The transaction involved a tax credit transfer of approximately $1.74 million of 2023 ITCs, aimed at financing solar projects [3] - The projects financed include the Omohundro Solar Project and the White's Creek Solar Project, which are crucial for Metro Water Services' operations [3] Financial Impact - Proceeds from the tax credit transfer were allocated to transaction costs and to pay down senior debt, enhancing the equity position of Alternus' consolidated balance sheet [3] - This transaction is expected to significantly reduce the capital required for future projects, supporting the company's growth strategy [4] Company Overview - Alternus is a transatlantic clean energy independent power producer, focusing on developing, installing, owning, and operating utility-scale solar parks in North America and Europe [4] - The company aims to achieve 3GW of operating projects within five years through organic development and strategic opportunities [4] - The vision of Alternus is to become a leading provider of 24/7 clean energy, promoting a sustainable future [4]