Aquila Energy Efficiency Trust eyes GBP 150m from IPO in London

Aquila Energy Efficiency Trust Plc said today it plans to launch an initial public offering (IPO) in London and raise up to GBP 150 million (USD 211m/EUR 174m) for investments in diversified assets within the energy efficiency sector.

According to the announcement, the sum will be raised through a placing, offer for subscription and intermediaries offer of ordinary shares that open today. The publication of the results of the issue is scheduled for May 28, 2021.

Aquila Energy Efficiency Trust said it intends to invest in solar photovoltaic (PV) plants, batteries and other energy storage solutions and electric vehicle (EV) charging infrastructure, in addition to energy-efficient lighting, smart building and metering services, cogeneration plants and heating, ventilation and air conditioning (HVAC) systems. Its investments will target assets with a maximum individual value of EUR 10 million in the European Economic Area (EEA), Switzerland and the UK.

The company stressed it will not invest in fossil fuel extraction or mineral extraction projects. It has appointed International Fund Management Ltd (IFM) as its Alternative Investment Fund Manager (AIFM), which in turn has picked Aquila Capital as an investment adviser. The latter has identified a EUR-210-million advanced pipeline of energy efficiency assets for the company to possibly acquire.

Aquila Energy Efficiency Trust hopes to achieve a total shareholder return of 7.5%-9.5% per year, net of fees and expenses, in the medium term.

Peel Hunt LLP serves as sole sponsor, placing agent and intermediaries offer adviser to the company.

(GBP 1.0 = USD 1.408/EUR 1.158)

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