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Aquila European Renewables plc (AER) completed the sale of its 25.9% interest in Tesla to Sunnhordland Kraftlag AS on 27 September 2024 for EUR 27.0 million. This consideration represents a premium of EUR 2.6 million above the prevailing Q2 2024 Net Asset Value. AER will use the proceeds primarily to fully repay the remaining EUR 26.1 million outstanding on its Revolving Credit Facility.
| Date | 27 Sept 2024 |
| Time | 10:30:57 |
| Category | Disposals |
| ID | 0283G |
27 September 2024
Aquila European Renewables plc
Completion of Norwegian wind farm sale
Aquila European Renewables plc ("AER" or "the Company"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH ("Investment Adviser"), announces that it has completed the sale of its 25.9% interest in Tesla to Sunnhordland Kraftlag AS for consideration of EUR 27.0 million. The sale represents a premium of EUR 2.6 million above the prevailing valuation reflected in the Company's Q2 2024 Net Asset Value.
As outlined in the Company's announcement dated 5 September 2024, proceeds will be primarily used to fully repay the remaining drawn balance of EUR 26.1 million outstanding under the Company's Revolving Credit Facility (excluding existing bank guarantees outstanding of EUR 2.8 million). Based on AER's net asset value as at 30 June 2024, AER's total leverage is expected to reduce from 36.3% to 31.7% on a pro forma basis.
ENDS
For further information please contact:
Deutsche Numis (Financial Adviser and Broker) +44 020 7260 1000
David Benda
George Shiel
Media contacts
Edelman Smithfield
Ged Brumby 07540 412 301
Hamza Ali 07976 308 914
Apex Listed Companies Services (UK) Limited (Company Secretary) +44 020 3327 9720
NOTES
About AER
The objective of Aquila European Renewables plc is to provide investors with an attractive long-term, income-based return in EUR through a diversified portfolio of onshore wind, solar PV and hydropower investments across continental Europe and Ireland. As a result of the diversification of energy generation technologies, the seasonal production patterns of these asset types complement each other, providing a balanced cash flow profile, while the geographic diversification serves to reduce exposure to any one single energy market. In addition, a balance is maintained between government supported revenues, fixed price power purchase agreements and market power price risk.
Further details can be found at: www.aquila-european-renewables.com
LEI Number: 213800UKH1TZIC9ZRP41