Aquila European Renewables launches EUR-100m placing
La Cabrita solar farm, Spain. Image source: Aquila Capital (www.aquila-capital.de)
London-listed Aquila European Renewables Income Fund plc (LON:AERS), or AERIF, has today launched a share placing, seeking to raise EUR 100 million (USD 118m) for further investments.
The company said it has a pipeline of four target assets held in Aquila Managed Funds totalling 933 MW and eight assets totalling 832 MW under active consideration. These include wind, solar, hydro and battery assets across multiple geographical locations. AERIF added it is also directly pursuing one wind and one solar opportunity representing a potential combined equity investment of up to EUR 150 million.
The issue is pursuant to the firm’s September 2020 placing programme and could be increased to up to EUR 150 million. AERIF will issue new ordinary shares at EUR 1.03 apiece, or a premium of 5% to the ex-dividend net asset value as at June 30 and a discount of 4.2% to the closing share price as at August 27. The placing is expected to close on September 9.
AERIF's portfolio currently includes six onshore wind parks, mainly in the Nordic region and one in Greece, a 21-strong hydro power portfolio in Portugal and three solar projects in the Iberian region.