Alternus, a Dublin-headquartered green energy provider, has raised NOK91 million (€9 million) in funding through the issuance of convertible notes.
The funding has been led by AVG Group, a Nordics-focused Luxembourg-based asset manager which provided €8 million of the total investment.
Alternus, which is led by telecoms entrepreneur Vincent Browne, invests in solar photovoltaic parks across Europe.
The company has grown in four years from being a small Romania-based operator of two solar parks with 6 megawatts (MW) to becoming a pan-European independent power producer. It currently has a portfolio of 39 owned or contracted parks in Germany, Italy, Netherlands, Romania and Poland in excess of 140 MW capacity.
In addition to funding, Alternus said its new financing partner would help supply it with the latest technologies coming from the Nordic countries.
The group also said AVG plans further funding to supply Nordic-based capital to the Dublin-based company over time.
“We are delighted to have AVG as a new financing partner and look forward to working with them going forward as we continue to grow Alternus over the next few years in our continuing mission to become one of the largest pan-European solar operators by the end of the decade,” said Mr Browne.
Alternus successfully delisted from the US market and started trading on the Euronext NOTC market in January. This is a marketplace for unlisted shares that is owned by Oslo Børs.
Last month the company announced a 77 per cent year-on-year increase in revenues to €4.1 million with ebitda rising to €2.6 million as gross margins from operating parks almost doubled to €3.2 million.
The company was recently valued at NOK 830 million (€82.2 million) after completing a private placement of NOK 260 million (€27 million) in conjunction with a successful placement of NOK 1.15 billion (€110 million) of registered green bonds.
It expects 109MW of contracted projects to be completed in the first half of this year and that on completion of these that its annual run-rate revenues will increase five-fold to more than €22 million.