Aquila European Renewables to buy 40-MW wind complex in Greece

London-listed investment firm Aquila European Renewables Income Fund plc (LON:AERS), or AERIF, has agreed to acquire an 89% stake in the 40-MW Desfina onshore wind farm complex in Greece.

AERIF’s fully-owned unit Tesseract Holdings Limited (THL) has bought the asset for an undisclosed amount. It is the fund’s first investment in the country and “benefits from a long-term feed-in premium at attractive terms,” said Ian Nolan, chairman of the company.

Desfina comprises two wind farms that are backed by a 20-year feed-in premium for 100% of their production. The project comes with an existing 15-year debt financing in place of some EUR 41.5 million (USD 51m).

According to Christine Brockwell, Head of Partnerships & Portfolio Management at investment advisor Aquila Capital, the latest purchase “will further enhance AERIFs contracted revenue base over a significant time frame as well as offer further geographic diversification to the portfolio.”

The buyer noted that once this transaction closes, alongside the now completed acquisition of the 50-MWp Albeniz solar project in the South of Spain, it will have committed about EUR 88 million of the EUR 127.5 million it raised in October.

(EUR 1.0 = USD 1.229)

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