A new investment company called Aquila European Renewables Income Fund has raised over £154m through an initial public offering to invest in wind, solar and hydro projects in Europe, excluding the UK.
The fund said it would look to invest in projects with diversified revenue sources including feed-in-tariffs and power purchase agreements.
Aquila European Renewables Income Fund chair Ian Nolan said: “The Aquila European Renewables Income Fund offers investors exposure to a portfolio of assets that investors, typically, have had limited opportunities to access.
“We are extremely pleased given the challenging political and economic environment to have raised nearly €155m at launch, from high quality institutional investors.
“It is one of the most successful share placings by a listed fund this year and the first continental European manager in the segment.
“With a groundswell of interest in the asset class and a strong pipeline of opportunities, we look forward to playing a key role in developing the rapidly expanding renewable energy sector in Europe on behalf of our investors, stakeholders and society at large.”
Aquila will apply to the London Stock Exchange for 154,304,752 ordinary shares to be admitted to trading, which is expected to start on 5 June.
Hamburg-based Aquila Capital is the fund’s investment adviser.