The acquisition makes Alternus a fully vertically integrated independent solar power producer with activities in all elements of the solar PV value chain from project development and construction to operations and maintenance. Unisun supports Alternus in its goal to become a leading pan-European renewable energy company. It also provides a strong platform for growth in the Netherlands energy market with the addition of over 250 MW of solar projects at various stages of development.
“This is truly significant development for Alternus. Unisun has a highly experienced and dedicated team that has a proven track record in successfully delivering high quality renewables projects in multiple countries in Europe. With this team and along with our recently recruited and experienced CTO, Gary Swan, we now have the proven ability to develop and construct our own solar PV parks. This capability will allow us to reduce the initial build costs and generate long-term operational savings. The lower capital costs reduce our need for external capital as the EPC margins otherwise paid to third parties can now be reinvested, thus creating immediate and lasting shareholder value. We can also plan more effectively to execute on our current 1.4 GW contracted backlog,” said Vincent Browne, Executive Chairman and CEO of Alternus.
Headquartered in Rotterdam, Unisun Energy Holding B.V is led by industry veterans CEO Andre Kempenaars and COO Leon Heijkoop, who between them have constructed and operated over 500 MW of wind and solar projects over the past decade. The Unisun team currently totals 10 international industry specialists, who have collectively managed and successfully completed over 1 GW of energy projects in their careers to date. With this expertise the Unisun Energy team encapsulate a wealth of technical expertise, proven process management and track record characteristics. Unisun also provides O&M services to existing customers through its wholly owned subsidiary Uper Energy Europe B.V.
“On behalf of the Unisun Energy team, we welcome Alternus as our new majority owner and are looking forward to jointly growing both companies in the European renewables market, delivering on both companies' ambitious renewables strategy. We very much look forward to working together to unlock the potential we collectively see in the European renewables space,” said Andre Kempenaars, CEO of Unisun Energy Holding B.V.
Alternus paid a total consideration of EUR 650k in cash and approximately EUR 150k in shares (50,000 new shares issued) for a 60% ownership in Unisun Energy Holding B.V. The previous two owners will retain a 40% ownership and will remain with the business as CEO and COO of Unisun Energy.
“As part of the acquisition, Alternus will receive an immediate 60% cost savings in the operations and maintenance of our Zonnerpak Rilland plant. Unisun was the original developer and EPC contractor, and currently provides the O&M services. We also expect additional financial benefits in our other operating parks as we consolidate the O&M activities in-house where possible. Unisun will further bring additional revenue opportunities to the group as it provides services to existing third party customers,” said Joseph Duey, Chief Financial Officer of Alternus.