09:59 AM EDT, 08/28/2024 (MT Newswires) -- Alternus Clean Energy ( ALCE ) said Wednesday that its partner, Hover Energy, and Hawaii Construction & Development Consulting are teaming up for another three wind-powered microgrid projects in Hawaii.

The company said Hover and HCDC recently signed a joint renewable microgrid project in Hawaii as part of the Hawaii Construction & Development Consulting's renovation of Union Plaza in Honolulu.

The four projects, slated to begin installation in Q4 and valued at between $3 million and $4 million, will have a total capacity of 1 megawatt and are expected to generate about 1.3 gigawatt-hours of clean energy annually, Alternus said.

The energy-producing company said the agreements follow a recent collaboration between Alternus and Hover Energy and are part of a larger joint venture in which Alternus will own 51% and Hover 49%.

The four new projects will be transferred to the joint venture once it is formed later this year, Alternus said.

Shares of Alternus Clean Energy ( ALCE ) were down 2.9% in recent Wednesday trading.

Price: 0.24, Change: -0.01, Percent Change: -2.88