-- Completes Acquisition of NF Projects Portfolio in Spain -
-- Portfolio Includes 6 Projects, with 5 reaching RTB in 2023 -

Dublin Ireland, 31 July 2023 - Transatlantic renewable independent power
producer ("IPP") Alternus Energy Group Plc (OSE:ALT) (the "Company" or
"Alternus") today announced that it has expanded its project ownership by
acquiring a 32 MWp portfolio of Solar PV projects in Valencia, Spain, known as
the "NF Projects".

The portfolio consists of six projects in total: five of which, totaling 24.4
MWp, are expected to reach operation in Q2 2024, with the remaining project
expected to achieve operation in Q1 2025.

Once operating, 10-year average annual revenues from the initial portfolio of
five will be approximately $2.3 million, going to $2.8 million once all are
connected.  The total expected capital expenditure to bring the projects to
operation is approximately $31 million with local bank Banco Internacional
Español-Bankinter providing the initial funding for the acquisition.  Project
construction will be managed by Alternus subsidiary Unison.

Juan Carlos Martinez Amago, Country Manager for Alternus in Spain, commented,
"We are excited grow our footprint in Spain with this attractive set of
projects.  This deal strengthens our presence through the collaboration with
local partners.  We expect to actively pursue many similar projects in the years
ahead.  Notably, we are excited to work with our new banking partner Banco
Internacional Español-Bankinter, who provided the funding to acquire the initial
projects."

With an estimated useful life of 30 years, the NF Projects will generate stable
and predictable income streams for decades, enabling Alternus to utilize
flexible debt options that can maximize equity returns.  The NF Projects will
meaningfully contribute to the Company's stated EOY 2024 EBITDA run rate target
of $90 million.

Alternus Chief Executive Officer Vincent Browne noted, "This portfolio
acquisition   demonstrates our ability to penetrate Spain, a relatively new
market for us in Europe.  Spain has the potential to become a large market for
us, so our dedicated local team is focused on sourcing additional accretive
deals in this region. The NF Projects is a valuable addition to our pipeline,
and I am fully confident that our team at Unisun will once again deliver these
projects on time and on budget."


About Alternus Energy Group
Alternus Energy Group Plc is an international vertically integrated independent
power producer (IPP). Headquartered in Ireland, and listed on the Euronext
Growth Oslo, the Company develops, installs, owns, and operates midsized utility
scale solar parks. The Company also has offices in Rotterdam and the United
States. For more information visit www.alternusenergy.com.

Forward-Looking Statements
Certain information contained in this letter, including any information on the
Company's plans or future financial or operating performance and other
statements that express the Company's management's expectations or estimates of
future performance, constitute forward-looking statements. When used in this
press release, words such as "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "would" and similar expressions, as they relate
to us or our management team, identify forward-looking statements. Such
forward-looking statements are based on the beliefs of management, as well as
assumptions made by, and information currently available to, the Company's
management. Such statements are based on a number of estimates and assumptions
that are subject to significant business, economic and competitive
uncertainties, many of which are beyond the control of the Company. The Company
cautions that such forward-looking statements involve known and unknown risks
and other factors that may cause the actual financial results, performance or
achievements of the Company to differ materially from the Company's estimated
future results, performance or achievements expressed or implied by the
forward-looking statements. These statements should not be relied upon as
representing Alternus' assessments of any date after the date of this notice The
Company undertakes no obligation to update these statements for revisions or
changes after the date of this release, except as required by law.



For More Information:

Alternus Energy Group
ir@alternusenergy.com
+1 (913) 815-1557

or

The Blueshirt Group
alternus@blueshirtgroup.com
+1 (323) 240-5796

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