REG - Aquila Energy Effcn. - Realisation of certain investments

Aquila Energy Efficiency TrustAnnouncement

28/02/2025 16:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250228:nRSb9489Ya&default-theme=true

RNS Number : 9489Y  Aquila Energy Efficiency Trust PLC  28 February 2025

28 February 2025

Aquila Energy Efficiency Trust PLC

 

(the "Company")

 

REALISATION OF CERTAIN INVESTMENTS

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

The Board is pleased to announce that the Company has entered into agreements
to realise its Bio-LNG investment in Germany and the majority of its Italian
Superbonus investments for a combined gross consideration of €31.84
million.

 

The Bio-LNG investment in Germany, which was made in two tranches in November
2022 and April 2024 to facilitate the acquisition of an existing biogas plant
and its conversion into a Bio-LNG plant at a total cost of €9.29 million,
had a book value as at 30 June 2024 of €9.73 million and generated cash
receipts to the Company of €1.75 million in the period from 30 June 2024
before the realisation amount of €8.52 million, which has been received by
the Company on 28 February 2025.  This investment produced a gross rate of
return of 8.9% p.a. over the life of the investment, which would be above the
expectation for this asset of 8.4% at the time the initial investment was made
in November 2022.

 

The Superbonus investments were the projects managed by the Energy Service
Companies ("ESCOs") Enerstreet and Enerqos Energy Solutions, which had a book
value, net of expected credit loss ("ECL") provisions, as at 30 June 2024 of
€24.13 million.  These investments generated cash receipts of €2.0
million to the Company in the period from 30 June 2024 before the realisation
amount of €23.32 million, which the Company expects to receive in the coming
weeks.  The realisation amount, which is being funded by the ESCOs themselves
and not from funds received from the sale of the tax credits produced by the
Superbonus projects, represents the recovery of all of the capital invested in
these projects plus some late payment interest. These Superbonus investments
are expected to produce a gross internal rate of return of 9.4% p.a. over the
lives of these investments, which would be above expectations of 8.0% at the
time the initial investments were made in December 2021.

 

In the coming months the Board will make a significant distribution to
shareholders following receipt of these realisations.  A further announcement
will be made in due course as to the structure of the payment and the
amount..

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014, as it forms part of UK domestic law ("MAR"). Upon
publication of this announcement, the inside information is now considered to
be in the public domain for the purposes of MAR. The person responsible for
arranging the release of this announcement on behalf of the Company is Apex
Listed Companies Services (UK) Limited.

 

For further information, please contact:

 Aquila Capital (Investment Adviser)  Via Buchanan
 Stifel (Corporate Broker)                                         020 7710 7600

 Edward Gibson-Watt, Madison Kominski

 Buchanan (Financial PR)                                           020 7466 5000

 Charles Ryland, Sam Adams

 Apex Listed Companies Services (UK) Limited (Company Secretary)   020 3327 9720

 Sinead van Duuren

 

 

The Company's LEI is 213800AJ3TY3OJCQQC53

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFLFIRFEITFIE