Aquila European Renewables Income Update on The Rock Project (5480S)
16 November 2021 - 10:08PM
UK Regulatory
TIDMAERS TIDMAERI
RNS Number : 5480S
Aquila European Renewables Income
16 November 2021
16 November 2021
Aquila European Renewables Income Fund plc
Update on The Rock Project
Considering the recent ruling of the Norwegian Supreme Court on
two wind farms of the Fosen Vind ("Fosen") cluster, Roan and
Storheia, and in response to enquiries from investors in Aquila
European Renewables Income Fund plc ("AERIF" or the "Company") to
understand the relevance for the Company's portfolio holdings in
Norway, in particular The Rock (or the "Project"), the Investment
Adviser is providing a preliminary perspective.
In providing such initial analysis, the Investment Adviser
recognises that the final implications of the Supreme Court
decision in relation to the Fosen case are at this stage highly
uncertain. The Supreme Court did not conclude any actions for
either party involved in the Fosen case and the Roan and Storheia
wind farms therefore remain in operation for the time being.
Statkraft AS (the majority owner of Fosen) recently reported that
an application for a renewed concession and expropriation permit
will be submitted, including updated impact assessments related to
the reindeer husbandry and new mitigating measures ensuring that
the human rights of the involved Sami groups are respected.
The Company and the Investment Advisor generally do not comment
on projects or matters unrelated to the Company's business and
operations. In this instance however, the Company and its
Investment Adviser are making an exception in light of the Fosen
Supreme Court Ruling following inbound investor queries. All
information provided in relation to Fosen is based on publicly
available information.
The Investment Adviser recognises that there are important
factual differences between the Fosen and The Rock cases. Most
importantly, the Fosen wind farm cluster is built on a winter
grazing area whereas The Rock is built on one of the existing
migration routes. The Fosen case also illustrates the importance of
the Supreme Court's consideration of facts and evidence, which it
is too early to evaluate to the full extent at the present stage of
the case. It is noted that the Supreme Court opined on two specific
wind farms and in the context of their respective locations and not
in a general matter about wind farms in Norway.
The Investment Adviser recognises recent progress with The Rock
and based on external legal advice, has no indication that the
Fosen procedures will have any direct consequences for The Rock. In
the meantime, Eolus, the developer, continues with construction on
site of the Project.
The Investment Adviser, on behalf of the Company remains
committed to engaging constructively with all relevant stakeholders
to achieve a mutually satisfactory outcome .
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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