Aquila European Renewables Income Updates on Albeniz and The Rock (2033Q)
June 27 2022 - 1:00AM
UK Regulatory
TIDMAERS TIDMAERI
RNS Number : 2033Q
Aquila European Renewables Income
27 June 2022
27 June 2022
Aquila European Renewables Income Fund plc
Update - Albeniz Energisation Completed and First Project
Revenue Recorded
Aquila European Renewables Income Fund plc ("AERIF" or "the
Company"), the London-listed investment company advised by Aquila
Capital Investmentgesellschaft mbH (the "Investment Adviser") is
pleased to announce that its Albeniz project has recently reached
an important milestone. With energisation completed, the asset is
now fully operational and producing revenue.
Albeniz is a 50 MWp solar PV project located in the south of
Spain, in which AERIF acquired a 100% interest in December 2020.
The asset is expected to have an operating life of 30 years after
commissioning. Albeniz benefits from Power Purchase Agreements
covering 80% of P50 production with Statkraft over a term of
approximately five years. Albeniz represents the Company's largest
single investment, equating to approximately 14.6% of portfolio
fair value as at 31 March 2022.
Final project commissioning is contingent upon the issuance of a
Provisional Acceptance Certificate and approvals from the grid
operator and authorities, which are expected to be achieved by Q3
2022.
Albeniz is expected to provide 95.9 GWh of renewable electricity
annually over its lifetime, representing approximately 110.7 kt of
CO(2) equivalent avoidance [1] .
A video showcasing the construction and other features of
Albeniz can be found on AERIF's website. A link to AERIF's website
is included at the end of this announcement.
Commenting on today's announcement, Ian Nolan, Chairman of the
Company, said: "We are pleased to reach such a significant
milestone for Albeniz, just in time for summer. Albeniz will help
balance the portfolio's production levels during the summer months
and directly contribute to dividend cover in 2022."
Update - The Rock
As noted in the Company's 2021 Annual Report, the appraisal case
concerning the local reindeer district and The Rock was scheduled
to be heard before the Helgeland District Court in May 2022. The
court hearing was postponed in order to allow more time for the
parties to prepare for the court proceedings. Due to the limited
availability of Helgeland District Court members to hear the case
in 2022, the appraisal case has been rescheduled to 30 May
2023.
Based on legal advice received, the Investment Adviser continues
to believe the chances of The Rock losing its licence are low.
Following appeals to injunctive relief cases started by the local
reindeer district in late 2020 and lost by the local reindeer
district in 2021, the Norwegian Ministry of Petroleum and Energy
("MPE") reconfirmed that the facility licence for The Rock is still
valid. In April 2022, the MPE announced that it intended to join
the appraisal case and defend the facility licence.
Since finishing construction of The Rock in December 2021, works
have been focused on the energisation of the turbines, which has
been delayed due to adverse weather conditions and limited
accessibility to the site. Currently 65 out of 72 turbines are
energised and have started producing electricity. The remaining
turbines are expected to be fully energised shortly. As noted in
the Company's 2021 Annual Report, takeover was expected to take
place during the second quarter of 2022. However, due to
unfavorable weather conditions experienced even during the summer
period, the Investment Adviser expects takeover to take place
during the third quarter of 2022.
Ends
For further details contact:
Media Contacts
Edelman Smithfield
Ged Brumby 07540 412301
Kanayo Agwunobi 07581 010560
Sponsor, Broker and Placing Agent
Numis Securities 020 7260 1000
Tod Davis
David Benda
Vicki Paine
European Broker
Kempen & Co +31 20 348 8000
Maarten de Zeeuw
Kathrin Erfurth
Robin van Wijk
NOTES
Aquila European Renewables Income Fund plc 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.
www.aquila-european-renewables-income-fund.com
[1] The CO(2) equivalent avoidance is an approximation and does
not necessarily reflect the exact impact of the renewable energy
projects. The cited sources of information are believed to be
reliable and accurate, however, the completeness, accuracy,
validity and timeliness of the information provided cannot be
guaranteed and Aquila Capital accepts no liability for any damages
that may arise directly or indirectly from the use of this
information
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