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Alternus Energy completes its 2018 financial audit

Published: 13:38 09 Jul 2019 EDT

A solar energy worker
Alternus Energy is a renewable energy company that owns and operates solar parks

Alternus Energy Inc (OTCMKTS:ALTN), a global renewable energy company, announced Tuesday that its 2018 annual financial audit has been completed.

The New York-based company said Marcum LLP issued an opinion on the company’s audited financial statements, which have now been filed with the OTC Markets.

“We are pleased to report this progress in advancing our process to become an SEC reporting company in the US,” said Joseph Duey, chief financial officer at Alternus Energy. “It’s an important milestone in achieving our capital markets goal of up-listing to a US National Exchange at the earliest opportunity.”

READ: Sunny outlook for Alternus Energy as it acquires solar parks in Italy, shutters low-margin trading activities

The addition of seven photovoltaic plants in Italy brings Alternus Energy’s solar projects in Europe to 29.1 megawatts of installed capacity.

As at March 2019, Alternus Energy owns 24 megawatts of solar assets, with 13 megawatts connected and revenue generating.

The remaining 11 megawatts are in Germany and will be connected over the coming months, said the company.

Once connected, Alternus Energy said that annual recurring revenues is expected to rise by approximately $850,000 at an average of 90% gross margins.

Boosting capital market activities

“While we continue to grow our business by acquiring additional PV solar parks across Europe to further enhance our long-term government counterparty income streams, it is just as important for us to advance our capital markets activities,” said Alternus Energy CEO Vincent Browne.

Browne said that with the company’s 2018 annual financial statements complete and audited, it anticipates filing a Form 10 with the US Securities and Exchange Commission in the coming weeks.

“We look forward to elevating our capital markets efforts in parallel to building our business, as we continue our mission to create long-term shareholder value at the lowest possible risk,” said Browne.

If all goes according to plan, Alternus will finish 2019 with over 100 megawatts of installed power that should deliver over $300 million in contracted revenue backlog over 15 to 20 years.

Alternus Energy is a renewable energy company that owns and operates solar parks. Each park generates clean energy that is sold to national power grids under long term, government counterparty, fixed price contracts.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter@UttaraProactive 

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