March 5 (Renewables Now) - Aquila European Renewables Income Fund plc (LON:AERS) on Thursday announced plans to raise EUR 25 million (USD 28m) through a share issue to fund future acquisitions of renewable energy assets.
The fund plans to issue new ordinary shares at a price of no less than EUR 1.05 apiece, which is 2.9% higher than the fund's ex-dividend net asset value (NAV) as of December 31, 2019. The price will be determined during a bookbuild process.
The proceeds from the share placing will be used for the acquisition of projects identified in the fund's pipeline. The pipeline includes projects with a total capacity of around 875 MW through 2021, including assets in the onshore wind, solar and hydropower sectors in six European countries. The funds raised in the share issue will be used for near-term targets, including wind and solar assets with a combined capacity of 30 MWp in the Nordic region and on the Iberian peninsula, according to the statement.
Numis Securities Limited is acting as bookrunner of the share issue.
The results from the share issue are expected around March 6, with the newly issued shares to start trading on the London Stock Exchange on March 10.
(EUR 1.0 = USD 1.117)