Aquila European Renewables Income Fund recorded a net asset value (NAV) of €191m in its half year results.
This is a decrease of 2.5% per ordinary share compared with 31 December 2019.
The decrease in NAV is mainly due to a reduction in short-term forecast power prices, which came under “significant pressure” in response to the Covid-19 pandemic, the fund said.
During the reporting period Aquila European Renewables Income Fund completed two further investments, including the acquisition of Danish wind farm Svindbaek 2 (9.6MW) for €13.2m and a 13.7% interest in the Rock, a Norwegian onshore wind farm under construction, with a total capacity of 400MW.
Following these acquisitions, the fund has “successfully” deployed or committed the majority of its capital raised into a portfolio of six investments, with a total proportional generating capacity of 197MW up from 132MW 31 December 2019.
During the reporting period, the fund’s portfolio produced 230.1 gigawatt-hours, which was 11.0% above budget, due in part to good wind conditions in the Nordics.
Since its initial public offering in June 2019, Aquila European Renewables Income Fund has acquired a pan-European portfolio of six assets, across wind and hydropower, with a combined generation capacity of 197MW.