Independent power producer (IPP) Alternus Energy Group has launched a new business focused on developing renewables assets in Europe and the US.
Dubbed Altnua, the unit will take a long-term approach to developing projects, on a develop-to-own basis, according to Ireland-headquartered Alternus.
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Leading Altnua as CEO is Bill Sadlier, who previously served as CFO at solar developer and operator BNRG Renewables.
Sadlier said Altnua has a goal of adding more than 5GW of renewables projects by the end of the decade.
As well as developing utility-scale projects, a central theme of Altnua’s growth strategy will be the acquisition of development businesses to scale their portfolios.
Alternus CEO Vincent Browne said: “As long-term owners of clean energy projects, we see tremendous value by stepping in earlier in the value chain.
“This allows us to reduce our overall capital expenditure and to optimise the long-term design and operation of the projects from inception, including the use of storage and other hybrid solutions.”
The announcement comes a week after Alternus secured a business combination agreement with Clean Earth Acquisitions Corp, a special purpose acquisition company.
That transaction is due to close in Q1 2023, at which point the combined company’s common stock is expected to trade on the Nasdaq.