Aquila European Renewables Income Acquisition (2235U)
April 01 2021 - 01:00AM
UK Regulatory
TIDMAERS TIDMAERI
RNS Number : 2235U
Aquila European Renewables Income
01 April 2021
April 1(st) , 2021
Aquila European Renewables Income Fund plc expands its
Portuguese solar portfolio
Aquila European Renewables Income Fund plc ("AERIF" or "the
Company"), the London-listed investment company advised by Aquila
Capital Investmentgesellschaft mbh, today announces that it has
entered into a Sale and Purchase Agreement ("SPA") to acquire 50%
of the equity in an unlevered Portuguese solar operating asset
("Ourique"). Closing of the transaction is expected to occur in
April 2021.
Ourique is located in Alentejo, Portugal, and has an installed
capacity of c.60 MWp. The solar farm started its operations in
December 2019 and its power price hedges cover 100% of the produced
energy until March 2026.
Ourique will save approximately 17,035 tons of CO(2) emissions
per annum, and an estimated 511,046 tonnes over the lifetime of the
project (100% interest basis).
Upon completion of the acquisition of Ourique, the Company will
have committed c. 92% of the capital raised to date in a mix of
operating and construction assets in six European countries.
Together with the other solar projects Benfica III and Albeniz,
Ourique adds to the technology diversification targets of the
Company and strengthens AERIF's presence on the Iberian
Peninsula.
Ian Nolan, Chairman of the Company, said: "We are pleased to
announce that we have committed nearly all of the equity raised in
October 2020 within five months. Ourique will contribute to
reducing Europe's carbon footprint, and it further diversifies our
technology mix."
Commenting on today's announcement, Christine Brockwell, Head of
Partnerships & Portfolio Management at Aquila Capital, the
investment adviser: "Ourique is an excellent addition to AERIF's
portfolio and will directly contribute to its dividend cover. With
this investment, the Company has again proven its ability to
allocate funds prudently, within a short time frame."
Ends
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 plc ("AERIF" or the
"Company") is a 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 5.0 cents
per ordinary share in relation to the financial year ending 31
December 2021, with the aim of increasing this dividend
progressively over the medium term.
Further details can be found on AERIFs website at
www.aquila-european-renewables-income-fund.com
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END
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