Aquila European Renewables Income Fund has acquired a Danish wind farm and a stake in a Portuguese hydro portfolio, its first deals since listing on the London Stock Exchange in May.
The fund, owned by German outfit Aquila Capital, has bought the 18MW Holmen 2 project from Holmen Wind Park II Aps.
The project, in west Denmark, features five Vestas V126-3.6MW turbines and has a capacity factor of 43%. Annual production is 68.5 gigawatt-hours.
Holmen 2 benefits from the Danish premium tariff, which runs to 2025.
AERIF has also acquired an 18% share in Aguia Enlica Lda, which operates 21 small hydro facilities totalling 103MW in Portugal.
Annual energy production is 312 gigawatt-hours, 75% of which is covered by a long-term feed-in tariff.
The acquisitions represent 15.5% and 10.8% of the proceeds raised during the IPO, AERIF said.
Chairman Ian Nolan said: “The Board is very pleased that the Company has quickly been able to start deploying the capital raised at the end of May through its successful IPO into a diversified portfolio of renewable energy assets. These assets are expected to make a strong contribution towards AERIF´s dividend objective.”
Aquila senior investment manager Christine Brockwell added: “Completing these acquisitions means that 26.4% of the proceeds raised from the IPO are now invested across a high quality, diversified portfolio of renewable energy generation technologies and geographies.
“This clearly demonstrates Aquila Capital’s ability to deliver attractive investment opportunities for the company and its shareholders from its deep and broad investment pipeline. We are looking forward to advising the company on further investments.”