REG - Aquila Energy Effcn. - Trading Update

Aquila Energy Efficiency TrustAnnouncement

25/07/2022 07:00

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RNS Number : 5306T  Aquila Energy Efficiency Trust PLC  25 July 2022

 

25 July 2022

Aquila Energy Efficiency Trust PLC

("AEET" or the "Company")

Trading Update

Increase in Deployment and Capital Commitment

The Company today announces an update on the improved progress in commitments
and deployment since the last update on 24 June 2022, which covered the period
to 31 May 2022.

Deployment Update

The Company's Annual Report published on 24 June 2022, stated that total
commitments of £19.7m had been made and that income generating deployed
capital was £15.7m as at 31 May 2022.  Since the latter date, the Company
has increased capital commitments, adding a further £28.9m of commitments to
total £48.5m as at 25 July 2022.  Capital deployed during the period also
increased by £6.1m to a total of £21.8m as at 25 July 2022.

Following the review of investment strategy in April 2022, the Investment
Adviser has increased its origination capability, focusing on repeat business
with existing partners.  We are now beginning to see these efforts leading to
increased deployment.

Residential Energy Efficiency in Italy

As at 25 July 2022, the Company has committed a further £8.3m of which £3.9m
has been deployed in a project which includes the investment in a cluster of
32 energy efficiency projects for small residential buildings and condominiums
(including insulation, energy efficient heating systems and other measures)
qualifying for the Italian Superbonus incentive scheme.

Solar PV Investments in Spain

The Company remains focused on its Pan-European strategy and, in addition to
its existing geographies of Italy, the UK and Germany, has committed to three
transactions in Spain, one of which includes an investment of £2.8m in a
3.83MWp roof mounted solar PV plant for self-consumption located near
Tarragona.  The second Spanish transaction is an investment in a cluster of
three solar PV plants for self-consumption located in Zaragoza, Aragon,
totalling 0.4MWp and comprising two ground mounted and one roof mounted
plant.  Lastly, £9.4m has been committed to a cluster of up to 11 solar PV
plants totaling 13 MWp for industrial and commercial companies originated by
Solarnub, a fast growing trading management platform for solar companies.

UK CHP Investments

The Company has invested in CHP projects in the UK developed by three separate
ESCOs with whom additional investments are expected to be made.  One
investment is for a project to be installed at the manufacturing facility of
food producer, Vale of Mowbray, which has entered into a 15-year energy supply
agreement.  This project has an investment tenor of 7 years.

 

Additions to the Investment Adviser's team

In April, the Investment Adviser added two further origination specialists to
increase the speed of origination and execution for new investments.

The Directors continue to believe that the political and global economic
backdrop and markets for energy efficiency remain strong.  Amid extreme
climate events, unprecedented levels of energy prices across Europe and the
strategic urgency for energy independence, energy efficiency has never been
more relevant and the Company is well positioned to invest in the sector and
support the  Sustainable Development Goal (SDG) 7.3 to double the global rate
of improvement in energy efficiency by 2030.

 

Presentation

A Presentation is being given by Aquila Capital the company´s investment
adviser at today´s general meeting and the presentation will be posted on the
company´s website.  No material new information will be discussed at the
event.

Please contact Buchanan for more details or to attend the general meeting.

 

For further information please contact:

Aquila Capital (Investment
Adviser)
Via Buchanan

 

Buchanan (Financial PR)
 
020 7466 5000

Charles Ryland, Henry Wilson, George Beale

 

Peel Hunt
(Broker)
020 7418 8900

Luke Simpson, Huw Jeremy (Investment Banking)

 

 

 

 

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