Aquila European Renewables Income Fund (AERIF) has acquired 100 percent of the shares in the operating company of Svindbaek wind farm for EUR 25.3m.
The purchase of Svindbaek Vindkraft HoldCo ApS (Svindbaek HoldCo) follows its investment in Holmen II, an 18 MW wind farm.
It is the London-listed investment company’s second acquisition in Denmark and fifth across Europe since its Initial Public Offering (IPO) on the London Stock Exchange in June 2019. AERIF is advised by Aquila Capital Investmentgesellschaft mbh (Aquila Capital).
Svindbaek is an onshore wind farm located on the west coast of Denmark with 22.4 MW of installed capacity. It benefits from a Danish premium tariff for a fixed volume of production, which is expected to last for another nine years. It is expected to save 458,433 tons of CO² over the projected lifetime of Svindbaek, which equals the annual average energy consumption of 5,098 households based on a European average.
The capital committed in the acquisition amounts to approximately 16.4 percent of the proceeds raised in the Company`s IPO.
Ian Nolan, chairman of the company said: "The Board is again very pleased that the Company has been able to continue deploying the capital raised through its successful IPO and to make this acquisition still in the calendar year 2019. Svindbaek is an operating wind farm that will immediately contribute to investor dividends."
Commenting on today's announcement, Christine Brockwell, head of partnerships and portfolio management at Aquila Capital added: "Completing these acquisitions means that ca. 71.9% of the proceeds raised from the IPO are now invested. With the acquisition of this asset it is expected that the Company will improve its ability to immediately generate a strong dividend yield due to the fact that the winter season is highly productive for wind farms. We are looking forward to advising the Company on further investments."
