Aquila European Renewables raises EUR 90m in equity issue, below target

London-listed Aquila European Renewables Income Fund plc (LON:AERS), or AERIF, on Friday said it has raised gross proceeds of EUR 90 million (USD 106.6m) via a share issue under its placing programme.

The fund announced the proposed issue, targeting EUR 100 million, on August 31.

It will issue about 87.4 million ordinary shares at EUR 1.03 per share, or a premium of 5% to its ex-dividend net asset value as at end-June.

Chair Ian Nolan said that since its initial public offering (IPO) in June 2019 the company has deployed or committed more than EUR 327 million. It has created a portfolio of six onshore wind parks, mainly in the Nordic region and one in Greece, a 21-strong hydropower portfolio in Portugal and three solar projects in the Iberian region.

“Our strong pipeline of opportunities and new capital from our supportive institutional investor base, will allow us to extend this excellent track record of deployment,” Nolan added.

According to the previous announcement, the company 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 is also directly pursuing one wind and one solar opportunity representing a potential combined equity investment of up to EUR 150 million.

(EUR 1 = USD 1.184)

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