May 31 (Renewables Now) - Aquila European Renewables Income Fund Plc has raised about EUR 154.3 million (USD 172m) in gross proceeds from its initial public offering (IPO) in London.
The fund, whose investment adviser is Hamburg-based Aquila Capital, said in a statement that applications will be made for some 154.3 million ordinary shares to be admitted to trading on the London Stock Exchange's Main Market as from June 5, 2019.
As previously announced, the fund intends to use the proceeds from that listing mainly to acquire operational renewable energy assets such as wind, solar and hydropower plants across continental Europe and Ireland. Aquila Capital has identified an Enhanced Pipeline of opportunities suitable for investments, including 16 assets in total.
"The Aquila European Renewables Income Fund offers investors exposure to a portfolio of assets that investors, typically, have had limited opportunities to access,” commented Ian Nolan, chair of Aquila European Renewables Income Fund.
(EUR 1.0 = USD 1.114)