Aquila European Renewables Income Revolving Credit Facility (9590V)
20 April 2021 - 4:01PM
UK Regulatory
TIDMAERS TIDMAERI
RNS Number : 9590V
Aquila European Renewables Income
20 April 2021
20 April , 2021
Aquila European Renewables Income Fund plc secures EUR 40
million revolving credit facility
Aquila European Renewables Income Fund plc ("AERIF" or "the
Company"), the London-listed investment company advised by Aquila
Capital Investmentgesellschaft mbh, today announces that its wholly
owned subsidiary, Tesseract Holdings Limited has reached
contractual close in relation to a two year, EUR 40 million secured
revolving credit facility ("RCF"). Lenders under the RCF include
ING Bank N.V. and The Royal Bank of Scotland International
Limited.
As outlined in the Company's Initial Public Offering ("IPO")
prospectus, the Company may make use of short-term debt, such as a
revolving credit facility, to assist with the acquisition of
suitable opportunities as and when they become available. Under the
prospectus, such short-term debt will be subject to a separate
gearing limit so as not to exceed 25 per cent of the Gross Asset
Value at the time of entering into (or acquiring) any such
short-term debt.
The RCF has a margin of 1.85% over EURIBOR. The facility also
benefits from additional flexibility, subject to bank consent and
certain conditions, including:
-- an accordion option which enables the Company to upsize the
facility limit up to EUR 100 million; and
-- an extension option, which allows the RCF tenor to be extended by a further two years.
Ian Nolan, Chairman of the Company, said: "We are pleased to
announce this important milestone today. The RCF will provide
significant flexibility for the Company to fund its growth in a
capital efficient manner going forward. We believe the RCF is a
further endorsement of the Company's asset portfolio and success in
deploying capital since the IPO."
Commenting on today's announcement, Michael Anderson, Senior
Manager at Aquila Capital, the investment adviser: "We are
delighted to reach contractual close in relation to the RCF, given
its strategic importance for the Company. We thank the banks for
their support and look forward to proactively utilising the RCF to
support our promising pipeline of opportunities."
Ends
For further details contact:
Media contacts:
Smithfield Consultants
Ged Brumby | 020 3047 2527
John Kiely | 020 3047 2538
Andrew McLagan | 020 3047 2006
Sponsor, Broker and Placing Agent
Numis Securities 020 7260 1000
Tod Davis
David Benda
Vicki Paine
NOTES
Aquila European Renewables Income Fund plc ("AERIF" or the
"Company") is a London-listed renewable energy infrastructure
investment company with the aim to provide investors with an
attractive long-term, income-based return in EUR through a
diversified portfolio of hydropower, onshore wind and solar PV
investments across continental Europe and Ireland. Through the
diversification of generation technologies, the seasonal production
patterns of these asset types complete each other to balance the
cash flow, while the geographic diversification serves to reduce
exposure to one single energy market. AERIF is targeting 5.0 cents
per ordinary share in relation to the financial year ending 31
December 2021, with the aim of increasing this dividend
progressively over the medium term.
Further details can be found on AERIFs website at
www.aquila-european-renewables-income-fund.com
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END
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