22 March 2024
Aquila European Renewables
plc
The Rock Mitigation Measures
Update
Aquila European Renewables
plc ("AER" or "the Company"), the London-listed
investment company advised by Aquila Capital Investmentgesellschaft
mbH ("Investment Adviser"), today announces that the Norwegian
Ministry of Energy ("Ministry") has made a final decision with
regards to the mitigating measures for The Rock which must be
undertaken by the project company to facilitate reindeer migration.
The Rock is an operating wind farm in Norway in which the Company
has a 13.69% interest.
The mitigating measures
include:
·
that roads are kept open for animal transport
during seasonal migration, subject to being given advance notice in
reasonable time and subject to weather and snow conditions
permitting such migration; and
·
the project company may be requested to stop
particular single turbines to the extent necessary for ensuring
proper migration through the traditional migration path, albeit
that no turbine shall be stopped for more than seven days per
calendar year.
Additional measures relating to use
of helicopters and feeding will remain with the relevant court in
the upcoming Sami appraisal case, which is due to commence on 27
May 2024.
The Ministry has noted in its
decision that for several seasons reindeer have been migrated
through the site during the operational phase of The Rock,
supporting the Ministry's view that (i) the migration path cannot
be considered to be closed; and (ii) the implementation of
mitigating measures will have a positive contribution to the
migration of reindeer through the site. The
Investment Adviser welcomes the decision by the Ministry, which it
believes will be an important factor in the upcoming appraisal
case.
As communicated with shareholders
previously, Eolus, the developer of The Rock remains responsible
for handling the appraisal case and for the economic impact on the
project company associated with the outcome of that case and as
well as the economic impact associated with the mitigation
measures noted above. The Company will continue to keep
shareholders updated regarding any key developments.
ENDS
For
further information please contact:
Deutsche Numis (Financial Adviser and Broker) +44 020 7260
1000
David
Benda
Stuart Ord
George Shiel
Media contacts
Edelman Smithfield
Ged Brumby 07540 412 301
Hamza Ali 07976 308 914
Apex Listed Companies Services (UK) Limited (Company
Secretary) +44 020 3327 9720
NOTES
About AER
The objective of Aquila European
Renewables plc is to provide investors with an attractive
long-term, income-based return in EUR through a diversified
portfolio of onshore wind, solar PV and hydropower investments
across continental Europe and Ireland. As a result of the
diversification of energy generation technologies, the seasonal
production patterns of these asset types complement each other,
providing a balanced cash flow profile, while the geographic
diversification serves to reduce exposure to any one single energy
market. In addition, a balance is maintained between government
supported revenues, fixed price power purchase agreements and
market power price risk.
Further details can be found
at: www.aquila-european-renewables.com
LEI Number:
213800UKH1TZIC9ZRP41