Aquila European Renewables Income Increased project commitment (4019B)
June 10 2021 - 1:00AM
UK Regulatory
TIDMAERS TIDMAERI
RNS Number : 4019B
Aquila European Renewables Income
10 June 2021
10 June 2021
Aquila European Renewables Income Fund plc increases its
commitment in The Rock
Aquila European Renewables Income Fund plc ("AERIF" or "the
Company"), the London-listed investment company advised by Aquila
Capital Investmentgesellschaft mbH, announces that it has increased
its potential commitment in The Rock (the "Project") by up to EUR
35.6m ("Bridge") in order to bridge the Company's share of expected
future draw-downs under the Project's existing debt facility
required to bring the Project to completion. The Company has also
announced that it has made its first draw-down under the Bridge of
approximately EUR 3.6m.
The Rock is a 400MW onshore wind farm project located in Norway,
which is currently under construction, with completion expected by
Q4 2021. As announced on 5 June 2020, the Company acquired
approximately 13.7% of the Project, noting a possibility to
increase its commitment in due course.
The Bridge is being provided while the Project satisfies certain
conditions required in order to draw-down under its debt financing
agreement, which the Company expects to be met in the near future.
The Bridge is structured as a shareholder loan at an attractive
fixed rate. Upon satisfaction of the conditions, Project debt will
be used to fully repay any amounts drawn under the Bridge (pro rata
to the Company's interest in the Project). The Company's 13.7%
interest in the Project remains unchanged as a result of the
Bridge. Subsequent to the initial draw-down under the Bridge, when
combined with the Company's existing investment in The Rock equates
to a total investment of approximately EUR 41m to date. AERIF
intends to fund the Bridge with existing surplus liquidity.
The Company and its investment adviser look forward to working
with local authorities, Project lenders and contract counterparties
to reach Project completion.
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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