Alternus Energy Reports First Quarter 2023 Financial Results

International Renewable Independent Power Producer (IPP) Alternus Energy Group
Plc (OSE: ALT) (the "Company" or "Alternus") today announced its reviewed
financial results for the first quarter 2023 under U.S. GAAP format. The Q1 2023
financial report is included in an amended Proxy statement that Clean Earth
Acquisitions Corp. has filed with the Securities and Exchange Commission in the
US on June 26th in relation to the contemplated business combination now
targeted to complete in Q3 2023.

Q1 2023 Highlights

	Power production decreased by 15% to 25.8 MWh due primarily to weather
variances year-on-year
	Revenue decreased by $0.4 million (8%) to $4.8 million as a result of the
lower production offset by higher energy rates in the respective periods
	Gross profit declined by $1.0 millon (25%) based on lower revenues versus
fixed operating costs
	Operating expenses up by $2.1 million (55%) due primarily to increased
operating costs to support the growth of the business and one time expenses
related to the planned business combination
	Modestly negative EBITDA of $.09 million down from positive of $1.9 million in
2022, reflecting the lower gross margins in the period 

Commenting on results, Vincent Browne, Chairman and Group CEO, said: "This is
our first quarter in which operating assets were unchanged versus the year
earlier, and the small variance we saw in production and revenue was primarily
due to weather.  Adjusting for weather, the stability in our results reflects
one of the most important attributes of our business model...that once owned and
in service, our solar parks generate a steady stream of power at steady prices
literally for decades. This predictability is what makes these parks valuable
assets in that they generate high margin cash flows that can be monetized in any
number of ways, including to fund growth internally.  We look forward to closing
the business combination with Clean Earth soon.  We now anticipate closing in Q3
due to delays outside our control.  After closing, we intend to 'step on the
gas'-- so to speak-- to complete several targeted accretive acquisitions.  We
expect to bring 156MWp of our 582MWp development portfolio into construction and
operation during 2024."

Additional information about the Company's First Quarter Financial Results can
be found in the attached documents and in Clean Earth's Proxy Statement
available at www.sec.gov and on the Clean Earth website.

About Alternus Energy Group Plc
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.

About Clean Earth Acquisitions Corp.
Clean Earth Acquisitions Corp. is a blank check company formed for the purpose
of effecting a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business combination with one
or more businesses or entities. For more information visit
www.cleanearthacquisitions.com.

Forward-Looking Statements
This notice contains forward-looking statements within the meaning of section
27A of the Securities Act and section 21E of the Exchange Act that are based on
beliefs and assumptions and on information currently available to the Alternus
and Clean Earth. Certain statements included in this notice that are not
historical facts are forward-looking statements for purposes of the safe harbor
provisions under the United States Private Securities Litigation Reform Act of
1995. Forward-looking statements are sometimes accompanied by words such as
"believe," "may," "will," "estimate," "continue," "anticipate," "intend,"
"expect," "should," "would," "plan," "predict," "potential," "seem," "seek,"
"future," "outlook" and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to, statements regarding
Alternus' growth, prospects and the market for solar parks and other renewable
power sources. These statements are based on various assumptions, whether or not
identified in this notice, and on the current expectations of the respective
management teams of Alternus and Clean Earth and are not predictions of actual
performance. These forward-looking statements are provided for illustrative
purposes only and are not intended to serve as and must not be relied on by an
investor as, a guarantee, an assurance, a prediction or a definitive statement
of fact or probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual events and
circumstances are beyond the control of Alternus and Clean Earth.

These forward-looking statements are subject to a number of risks and
uncertainties, including: the impact of reduction, modification or elimination
of government subsidies and economic incentives (including, but not limited to,
with respect to solar parks); the impact of decreases in spot market prices for
electricity; dependence on acquisitions for growth in Alternus' business;
inherent risks relating to acquisitions and Alternus' ability to manage its
growth and changing business; risks relating to developing and managing
renewable solar projects; risks relating to PV plant quality and performance;
risks relating to planning permissions for solar parks and government
regulation; Alternus' need for significant financial resources (including, but
not limited to, for growth in its business); the need for financing in order to
maintain future profitability; the lack of any assurance or guarantee that
Alternus can raise capital or meet its funding needs; Alternus' limited
operating history; risks relating to operating internationally, include currency
risks and legal, compliance and execution risks of operating internationally;
the potential inability of the parties to successfully or timely consummate the
proposed business combination; the risk that any regulatory approvals are not
obtained, are delayed or are subject to unanticipated conditions that could
adversely affect the combined company or the expected benefits of the proposed
business combination; the approval of the stockholders of Clean Earth is not
obtained; the risk of failure to realize the anticipated benefits of the
proposed business combination; the amount of redemption requests made by Clean
Earth's stockholders exceeds expectations or current market norms; the ability
of Alternus or the combined company to obtain equity or other financing in
connection with the proposed business combination or in the future; the outcome
of any potential litigation, government and regulatory proceedings,
investigations and inquiries; the risk that the proposed business combination
disrupts current plans and operations as a result of the announcement and
consummation of the Transaction; costs related to the proposed business
combination; the impact of the global COVID-19 pandemic; the effects of
inflation and changes in interest rates; an economic slowdown, recession or
contraction of the global economy; a financial or liquidity crisis; geopolitical
factors, including, but not limited to, the Russian invasion of Ukraine; global
supply chain concerns; the status of debt and equity markets (including, market
volatility and uncertainty); and other risks and uncertainties, including those
risks to be included under the heading "Risk Factors" in the proxy statement to
be filed by Clean Earth with the SEC and also those included under the heading
"Risk Factors" in Clean Earth's final prospectus relating to its initial public
offering dated February 23, 2022 and Clean Earth's other filings with the SEC.

In light of the significant uncertainties in these forward-looking statements,
you should not regard these statements as a representation or warranty by
Alternus, Clean Earth their respective directors, officers, affiliates, advisers
or employees (or any other person) that the Alternus and Clean Earth will
achieve their objectives and plans in any specified time frame, or at all. The
forward-looking statements in this notice represent the views of the Alternus
and Clean Earth as of the date of this notice. Risks in addition to those set
forth herein may also materialize or Clean Earth's and Alternus' assumptions
prove incorrect, actual results could differ materially from the results implied
by these forward-looking statements. There may be additional risks that neither
Clean Earth nor Alternus presently know, or that neither Clean Earth nor
Alternus currently believe are immaterial, that could also cause actual results
to differ from those contained in the forward-looking statements. In addition,
forward-looking statements reflect Clean Earth's and Alternus Energy's
expectations, plans or forecasts of future events and views as of the date of
this notice. Clean Earth and Alternus Energy anticipate that subsequent events
and developments will cause Clean Earth's and Alternus Energy's assessments to
change. However, while Clean Earth and Alternus Energy may elect to update these
forward-looking statements at some point in the future, Clean Earth and Alternus
Energy specifically disclaim any obligation to do so. Neither Clean Earth nor
Alternus anticipate that subsequent events and developments will cause Clean
Earth's and Alternus' assessments to change. However, while Clean Earth and
Alternus may elect to update these forward-looking statements at some point in
the future, Clean Earth and Alternus specifically disclaim any obligation to do
so. These forward-looking statements should not be relied upon as representing
Clean Earth's or Alternus' assessments of any date subsequent to the date of
this notice. Accordingly, undue reliance should not be placed upon the
forward-looking statements.

Additional Information About the Proposed Business Combination and Where to Find
It
In connection with the Proposed Business Combination, Clean Earth intends to
file relevant materials with the SEC, including a proxy statement. Clean Earth
urges its investors, shareholders and other interested persons to read, when
available, the proxy statement filed with the SEC and documents incorporated by
reference therein because these documents will contain important information
about Clean Earth, Alternus Energy and the Proposed Business Combination. The
final proxy statement, a proxy card and other relevant documents will be mailed
to the shareholders of Clean Earth as of the record date established for voting
on the Proposed Business Combination and will contain important information
about the Proposed Business Combination and related matters. Shareholders of
Clean Earth and other interested persons are advised to read, when available,
these materials (including any amendments or supplements thereto) and any other
relevant documents in connection with Clean Earth's solicitation of proxies for
the meeting of shareholders to be held to approve, among other things, the
Proposed Business Combination because they will contain important information
about Clean Earth, Alternus Energy and the Proposed Business Combination.
Shareholders will also be able to obtain copies of the preliminary proxy
statement, the final proxy statement and other relevant materials in connection
with the transaction without charge, once available, at the SEC's website at
www.sec.gov or by directing a request to: Clean Earth Acquisition Corp.,
Attention: Martha Ross, CFO & COO, telephone: [phone]. The information
contained on, or that may be accessed through, the websites referenced in this
Notice is not incorporated by reference into, and is not a part of, this notice.

Participants in the Solicitation

Clean Earth, Alternus Energy and their respective directors and executive
officers may be deemed participants in the solicitation of proxies from Clean
Earth's shareholders in connection with the Proposed Business Combination.
Information regarding the directors and executive officers of Clean Earth and
their ownership of Clean Earth common stock is set forth in Clean Earth's
definitive prospectus filed with the SEC on February 23, 2022, in connection
with Clean Earth's initial public offering. Information regarding the persons
who may, under SEC rules, be deemed participants in the solicitation of proxies
to Clean Earth's shareholders in connection with the Proposed Business
Combination will be s included in the proxy statement that Clean Earth intends
to file with the SEC. Additional information regarding the interests of
participants in the solicitation of proxies in connection with the Proposed
Business Combination will be included in the proxy statement that Clean Earth
intends to file with the SEC. You may obtain free copies of these documents at
the SEC's website at www.sec.gov or by directing a request to: Clean Earth
Acquisitions Corp., Attention: Martha Ross, CFO & COO, telephone: (800)
508-1531.

No Offer or Solicitation
This notice is not a proxy statement or solicitation of a proxy, consent or
authorization with respect to any securities or in respect of the proposed
business combination and shall not constitute an offer to sell or a solicitation
of an offer to buy any securities nor shall there be any sale of securities in
any state or jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the securities laws of any
such state or jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of the Securities Act.

For More Information:

Alternus Energy Investor Relations
[e-mail]
[phone]

Clean Earth Acquisitions Corp.
Matthew Devereaux
[e-mail]
[phone]

The Blueshirt Group
[e-mail]
[phone]

Click here for more information

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