Aquila European Renewables Income Fund has raised over €127m through a share issuance that will be used to continue its acquisition strategy.
A total of 122,902,772 ordinary shares of €0.01 each were issued raising a total of €127.5m.
The Aquila board said the proceeds will be used to acquire new assets, which may or may not be sourced from the its enhanced pipeline.
Money will also go to provide sufficient funds for the working capital of the company.
The enhanced pipeline consists of six target assets held in Aquila Managed Funds with an aggregate capacity of 768MW and eight target assets with an aggregate capacity of 661MW which are under negotiation.
The projects are across multiple technologies and geographical locations including seven wind farms, four solar parks and three hydro plants.
Aquila European Renewables Income Fund lead investment adviser Christine Brockwell said: “The new capital we have raised significantly increases the size of the fund, allowing us to continue our successful acquisition strategy and further diversify our fund.
“Our enhanced pipeline of 14 investment opportunities across a range of technologies and geographic locations positions the fund well for future growth, allowing our investors to capitalise on the exciting opportunities presented by Europe’s ongoing transition to a low carbon society.
“I am delighted that so many investors have recognised our proven track record of successfully deploying capital in a range of projects in the sector.”
Aquila European Renewables Income Fund chair Ian Nolan said: “Since IPO the Aquila European Renewables Income Fund offers has offered investors exposure to a growing and diverse portfolio of assets that historically they had limited opportunity to access.
“We are extremely pleased, given the challenging economic backdrop, to have successfully raised €127.5m of new capital and to see many of our existing shareholders commit further to the fund. We are also encouraged by the demand, particularly in the UK, from a number of new major blue chip investors.
“I would like to thank all those who have continued to show such strong support to the fund and welcome our new shareholders to the register.
“While demand from UK investors exceeded expectations, the Board remains committed to further diversification of the investor base through wider European investor representation.”