REG - Aquila Eur Renwables Aquila Euro Rnw-AERI - Net Asset Value and Factsheet

Aquila European RenewablesAnnouncement

06/02/2024 07:00

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RNS Number : 0940C  Aquila European Renewables PLC  06 February 2024

6 February 2024

Aquila European Renewables plc

 

Net Asset Value and Factsheet - December 2023

 

Aquila European Renewables plc (the Company), a Euro income fund, announces
its unaudited net asset value ("NAV") as at 31 December 2023, on a cum-income
basis, was EUR 372,540,976 or 98.52 cents per ordinary share. This represents
a NAV total return of -2.6% per Ordinary Share over the quarter.

 

Key drivers of the NAV movement in Q4 2023:

 

·    Impact of changes to Norway's taxation of onshore wind farms, which
impacted both Tesla and The Rock (-4.4 cents per Ordinary Share);

·    Medium to long-term increase in power prices in the Nordics due to
higher winter demand, lower renewable output, lower hydrologic conditions and
delayed offshore wind build-out in northern Europe, offset by a decrease in
power prices in Iberia due to lower demand resulting from milder than expected
weather and lower projected commodity prices (-0.5 cents per Ordinary Share);

·    Following completion of external due diligence, an asset life
extension was applied to the Company's Finnish wind farm Olhava (+2.5 years to
a total of 30 years, +0.5 cents per Ordinary Share);

·    Decrease in portfolio discount rate from 7.4% to 7.2% (excludes the
impact of the RCF), largely due to a decrease in the risk-free rate which was
partially offset by an increase in the market risk premium.

 

A sensitivity of NAV against discount rates, inflation and power prices can be
found below.

 

 Assumption             Impact on NAV per

                      Ordinary Share

 Discount rate  +0.5%   -5 cents
                -0.5%   +6 cents
 Inflation      +0.5%   +5 cents
                -0.5%   -5 cents
 Power price    +10.0%  +11 cents
                -10.0%  -11 cents

 

Further details will shortly be available in the quarterly factsheet on the
Company's website at: https://www.aquila-european-renewables.com
(https://www.aquila-european-renewables.com) .

 

For further details contact:

 

Media contacts

Edelman Smithfield

Ged Brumby 07540-412301

Hamza Ali 07976 308914

 

Sponsor, Broker and Placing Agent

Numis Securities 020 7260 1000

Tod Davis

David Benda

George Shiel

 

 

NOTES

 

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 wind, solar PV and hydropower investments across continental
Europe and Ireland. Through the diversification of generation technologies,
the seasonal production patterns of these asset types complement each other to
balance the cash flow, while the geographic diversification serves to reduce
exposure to one single energy market. In addition, a balance is maintained
between government supported revenues, fixed price power purchase agreements
and market power price risk.

 

www.aquila-european-renewables.com (http://www.aquila-european-renewables.com)

 

LEI: 213800UKH1TZIC9ZRP41

 

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