Aquila European Renewables Income Investment Update (7235X)
20 Dicembre 2019 - 5:50PM
UK Regulatory
TIDMAERS TIDMAERI
RNS Number : 7235X
Aquila European Renewables Income
20 December 2019
December 18, 2019
Aquila European Renewables Income Fund announces acquisition of
Finnish wind farm
Aquila European Renewables Income Fund ("AERIF" or "the
Company"), the London-listed investment company advised by Aquila
Capital Investmentgesellschaft mbh, today announces that it has
approved the signing of an SPA to purchase its first
construction-ready wind farm in Finland since the successful
Initial Public Offering (IPO) on the London Stock Exchange in June
2019.
The Company agreed to acquire 100% of the share capital of
Korkeakangas Wind Oy, a Finnish company that owns Project
Korkeakangas for a total consideration of EUR36.7m, subject to
certain conditions that are expected to be fulfilled by end of
March 2020.
Project Korkeakangas is a ready-to-build onshore wind farm
construction project, located in Karstula, Central Finland. The
Company anticipates that the construction work will begin in
January 2020 and - following expected completion, - will be fully
operational in December 2021. The wind farm is expected to have an
operating life of 30 years with a total capacity of 43.2 MW. The
planned PPA strategy for this project will target an initial PPA
for a tenor of 10-years that covers 65% of the expected P-50
production volumes.
Project Korkeakangas will help to save 56,473 tons of CO(2)
emissions annually and ca. 1,694,197 tons over the projected
lifetime of the Project, equalling the annual average energy
consumption of 15,699 households (based on a European average).
The investment was part of the enhanced pipeline as disclosed in
the prospectus of the Company. Upon completion of this deal, the
fund will have deployed approximately 95.2% of the funds raised in
the recent IPO.
Ian Nolan, Chairman of the Company, said:
"This is the first investment by the Company into a construction
phase project and as such, moves us further up the value chain.
Together with the very recently announced investment into Project
Svindbaek, this transaction will add another attractive wind farm
to the Company's portfolio. The Board is very pleased to see that
the Company has been able to successfully deploy nearly all of its
raised capital proceeds, so far ahead of the 12 months period
announced in the prospectus."
Commenting on today's announcement, Christine Brockwell, Head of
Partnerships & Portfolio Management at Aquila Capital, the
investment adviser: "This investment shows that the Company has
access to a strong pipeline of attractive construction projects and
can balance the associated idiosyncratic risk across a
well-diversified operating portfolio. Finland is a very attractive
location for wind farm investments providing for stable weather
conditions throughout the year. It rounds off a very successful
deployment of nearly all proceeds raised by the Company from the
IPO in June 2019.
After completion of this acquisition the Company will have
committed approximately 95.2% of the raised proceeds. Aquila and
the Board will now enter into discussions about an increase of
further capital."
For further details contact:
Media contacts:
Smithfield Consultants
Ged Brumby | 020 3047 2527
John Kiely | 020 3047 2538
Andrew McLagan | 020 3047 2006
Sponsor, Broker and Placing Agent
Numis Securities 020 7260 1000
Tod Davis
David Benda
Vicki Paine
NOTES
Aquila European Renewables Income Fund ("AERIF" or the
"Company") is a recently established, London-listed renewable
energy infrastructure investment company with the aim to provide
investors with an attractive long-term, income-based return in EUR
through a diversified portfolio of hydropower, onshore wind and
solar PV investments across continental Europe and Ireland. Through
the diversification of generation technologies, the seasonal
production patterns of these asset types complete each other to
balance the cash flow, while the geographic diversification serves
to reduce exposure to one single energy market. AERIF is targeting
an aggregate annual yield of 5.0% once fully invested.
Further details can be found on AERIF 's website at
https://aquila-european-renewables-income-fund.com/
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END
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