Monday 30 September 2019

Aquila European Renewables Income Fund to buy 34.5MW Finnish wind farm

Aquila European Renewables Income Fund has announced it is to buy a 34.5MW wind farm in Finland.

The investment company's planned acquisition marks its fourth investment since its Initial Public Offering on the London Stock Exchange in May 2019.

The firm had previously initially secured the exclusive right to acquire the owner of the wind farm, Aalto Wind No 2 Ltd Oy, by entering into a short-term financing agreement - it will now acquire all of the firm's shares.

This will mean it becomes the owner of the li Olhava wind farm and its extension project.

The 11-turbine facility qualifies for the Finnish feed-in tariff support scheme and power purchase agreements are expected to be concluded "as soon as market conditions and hedging solutions are feasible".

Christine Brockwell, Senior Investment Manager at investment advisor Aquila, said: "Geographic diversification is one of the key pillars that the company uses to balance its portfolio. With this latest investment, the company is now diversified across four different countries into attractive income yielding investments."