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Clean Earth (CLIN) Completes Alternus Energy Deal

Clean Earth (CLIN) Completes Alternus Energy Deal

Clean Earth Acquisitions Corp. (NASDAQ: CLIN) announced this afternoon that it has closed its combination with Transatlantic clean energy independent power producer (“IPP”) Alternus Energy Group Plc (OSE: ALT) after shareholders approved the deal at a meeting on December 4.

In connection with the meeting, the SPAC saw an aggregate of 99.35% of its trust redeemed, including redemptions from previous extension votes, leaving it with approximately $1.6 million post-vote.

The newly combined company will operate under the name “Alternus Clean Energy Inc.” Alternus Clean Energy’s common stock is expected to begin trading on the Nasdaq on or about December 26 under the ticker symbol “ALCE”.

Under the terms of the amended combination, AEG owns approximately 80% of the company with the remaining shares owned by Clean Earth sponsors and public shareholders.

The company has acquired a majority of AEG’s assets while AEG will continue to exist as a separate legal entity and will continue to trade on the Euronext Growth stock market in Oslo under the ticker (OSE: ALT). 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.

Clean Earth announced its $992 million deal with Alternus in October 2022. Dublin, Ireland-based Alternus installs, owns and operates midsized utility scale solar plants and plans to have about 3.5 GW of generation assets in this portfolio by 2025.