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Aquila European Renewables Income Fund Acquires 30 MWp Solar PV Operating Asset in Spain.

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MANews-(C)2009-2022

UK-based investment company Aquila European Renewables Income Fund plc (LSE: AERS) has entered into a sale and purchase agreement to acquire 100% of a 30 MWp operating solar PV asset for an undisclosed amount, with closing expected by 3Q22, the company said.

Tiza is located in the AlmerÃ-a region, in the south of Spain, which benefits from attractive solar irradiation yields.

The asset has an assumed operating life of 30 years.

Construction of Tiza was recently completed and the asset has already commenced producing electricity and generating revenue, taking advantage of current high power prices observed in Iberia.

Combined with AERIF's recent announcement of the Project Greco acquisition, Tiza will increase AERIF's total solar PV portfolio generation capacity to 230 MWp and increase the portfolio's solar PV allocation to approximately 50% by fair value, with the remainder being allocated to wind and hydro technologies.

Together with AERIF's existing solar PV projects, Tiza adds to the technology diversification targets of the company and strengthens AERIF's presence in the Iberian Peninsula.

AERIF expects to fund the transaction using its current surplus liquidity, which is approximately EUR 130m, comprising existing cash on hand (approximately EUR 90m) plus the existing revolving credit facility (EUR 40m), which is currently undrawn and matures in April 2023.

AERIF's revolving credit facility also benefits from an accordion...

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