July 8 (Renewables Now) - Aquila European Renewables Income Fund Plc (LON:AERI) has acquired an 18-MW wind farm in Denmark and bought into a 103-MW portfolio of small hydropower plants (HPPs) in Portugal, it said on Monday.
The fund completed its initial public offering (IPO) in London in May and this deal represents its first acquisition following the floatation. The overall investment is equal to around 10.8% of the total funds raised from the listing.
More specifically, the company has purchased a 17.99% stake of Portugal-based Aguia Enlica Lda, which owns and operates 21 small HPPs. The facilities, located in northern and central Portugal, have an expected annual output of around 312 GWh. About 75% of the overall production is covered by long-term feed-in tariff (FiT) contracts.
Additionally, Aquila European Renewables has acquired Danish company Holmen Wind Park II Aps -- the owner of the 18-MW Holmen II wind park. Located on the western coast of Denmark, the plant uses five Vestas V126 turbines with a P50 annual production of 68.5 GWh. It is supported by a Contract for Difference running through 2025.
Aquila European Renewables’ investment adviser is Hamburg-based Aquila Capital. The fund's goal is to use the IPO funds to acquire operational renewable energy assets such as wind, solar and hydropower plants across continental Europe and Ireland.