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Sep 2021
Joint Bookrunner
€ 90 million
Capital Increase

Aquila European Renewables Income Fund Plc

Capital Increase

Kempen & Co acted as Joint Bookrunner in the €90.0m Capital Increase of Aquila European Renewables Income Fund Plc

Transaction highlights

  • Raising €90.0 million, Aquila European Renewables Income Fund (AERIF) has successfully completed its second capital increase pursuant to the placing programme established under the prospectus dated 17 September 2020
  • The total offering of c. 87.4 million new ordinary shares through the placing and offer for subscription results in a post-transaction market cap of c. €430 million (c. 28% increase in market cap pre-transaction)
  • The shares were priced at a 5.0% premium compared to the company’s ex-dividend net asset value (NAV) as per 30 June 2021
  • The new shares were placed with both existing shareholders as well as new institutional investors across the UK, Ireland and mainland Europe 
  • This significant capital contribution will enable Aquila European Renewables Income Fund to continue with its acquisition strategy and capitalise on its pipeline 
  • The transaction marks the fourth capital increase by AERIF since inception in May 2019 underlining the market appetite for appealing yield stories in the renewables space

About Aquila European Renewables Income Fund

  • Aquila European Renewables Income Fund is a Euro-denominated UK domiciled investment company investing in renewable energy technologies across continental Europe and the Republic of Ireland, listed on the premium segment of the London Stock Exchange (LSE) 
  • The company was created in 2019 following the €154.3 million IPO with the objective to provide investors with a truly diversified portfolio of renewable assets across continental Europe and Ireland
  • The company is externally managed by Aquila Capital, which is a leading investment manager in real asset solutions with a pan-European asset portfolio. The company is supervised by an independent board of non-executive directors

Kempen & Co Corporate Finance & ECM credentials

  • Since 2020 to date, Kempen & Co advised on 76 transactions across different countries, representing a total deal value of c. €27bn in a challenging and unprecedented pandemic environment
  • This is another important transaction for Kempen & Co’s Infrastructure & Renewables franchise and we continue to support our clients active in the space
  • Kempen & Co successfully closed a wide variety of transactions, including public offers, sell-side mandates, fully virtual IPOs, bridge financings, hard underwritten rights issues and numerous follow-on ECM transactions as well as SPAC mergers

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