Alternus Energy Group Announces Altnua, A Dedicated Clean Energy Development Business To Drive Organic Growth Into The Future
Alternus Energy Group plc ("Alternus") (OSE: ALT) today announced the establishment of its development business, Altnua, which aims to become one of the leading specialist renewable asset developers in Europe and the US. Altnua will focus on developing utility scale projects from the ground up working with landowners and local developers as well as corporate off-takers to achieve their net zero goals.
Bill Sadlier will lead the new business as Chief Executive Officer. Prior to establishing Altnua, Mr Sadlier served as the Chief Financial Officer and Executive Director at BNRG where he led the business through transformative private equity deals on both sides of the Atlantic. Mr Sadlier has an extensive track record in the renewable energy industry having developed, financed, and delivered over 1 GW of renewable capacity in Europe and North America since 2004 with businesses including NTR plc.
"Joining Alternus at this pivotal point, when demand for clean energy is greater than ever, will allow Altnua to respond to critical decarbonisation targets and contribute to future growth for the group. I am confident as part of Alternus, Altnua has the right foundation, resources, and expertise to create an industry leading development business. We have an ambitious vision for this business with a goal of adding over 5GW's of organically developed operational parks to the Alternus portfolio by the end of the decade," said Bill Sadlier.
As part of Alternus, Altnua can take a responsible long-term approach to developing projects, on a ‘develop to own' basis, across a range of technologies using innovative energy solutions. A central theme of Altnua's growth strategy will be the acquisition of development businesses to scale their portfolios. A number of executives and professionals are expected to join Altnua in the coming months as Bill Sadlier builds out the team to execute on the ambitious plan.
"Establishing a specialist development business led by an experienced team is the next logical step for Alternus as we continue in our current growth path. 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. This will also provide an assured pipeline of future operational parks to support better planning and use of group resources. I am delighted for Bill to lead this exciting new chapter in our development and also welcome him onto the Alternus Executive Management Team," added Vincent Browne, Group Chief Executive Officer and Chairman of Alternus.
To learn more about the new business visit the website at www.altnua.com