Alternus unit Solis to repay €5.7 million green bonds on March 11

By Mary-Katherine Stinson

Lexington, Ky., Feb. 27 – Solis Bond Co. DAC, a wholly owned subsidiary of Alternus Energy Group plc, announced on Feb. 26 it would exercise its call option to repay €5.7 million of its three-year senior secured floating-rate green bonds 2021/2024 (ISIN: NO0010914914), according to an 8-K filing with the Securities and Exchange Commission.

The repayment is expected to settle on March 11.

It will be funded by the sale of the subsidiary’s assets in the Netherlands.

The issuer was granted a technical extension by the trustee to exercise its call option for the bonds.

Solis also announced that it and a representative group of bondholders have agreed to an additional extension of the temporary waivers and the maturity date until April 30, with the right to further extend to May 31 at the trustee’s discretion, and after on a month-to-month basis to Nov. 29, 2024. Since the issuer previously breached certain financial covenants of the bonds, bondholders have approved temporary waivers and related extensions four times, most recently on Jan. 3.

As previously reported, Solis issued the unrated green bonds in 2021 in the maximum amount of €200 million (approximately $218 million).

Based in Ireland, Alternus is an international vertically integrated independent power producer.

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