REG - Aquila Eur Renwables Aquila Euro Rnw-AERI - The Rock Mitigation Measures update

Aquila European RenewablesAnnouncement

22/03/2024 12:15

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RNS Number : 9977H  Aquila European Renewables PLC  22 March 2024

22 March 2024

 

Aquila European Renewables plc

 

The Rock Mitigation Measures Update

 

Aquila European Renewables plc ("AER" or "the Company"), the London-listed
investment company advised by Aquila Capital Investmentgesellschaft mbH
("Investment Adviser"), today announces that the Norwegian Ministry of Energy
("Ministry") has made a final decision with regards to the mitigating measures
for The Rock which must be undertaken by the project company to facilitate
reindeer migration. The Rock is an operating wind farm in Norway in which the
Company has a 13.69% interest.

 

The mitigating measures include:

·    that roads are kept open for animal transport during seasonal
migration, subject to being given advance notice in reasonable time and
subject to weather and snow conditions permitting such migration; and

·    the project company may be requested to stop particular single
turbines to the extent necessary for ensuring proper migration through the
traditional migration path, albeit that no turbine shall be stopped for more
than seven days per calendar year.

 

Additional measures relating to use of helicopters and feeding will remain
with the relevant court in the upcoming Sami appraisal case, which is due to
commence on 27 May 2024.

 

The Ministry has noted in its decision that for several seasons reindeer have
been migrated through the site during the operational phase of The Rock,
supporting the Ministry's view that (i) the migration path cannot be
considered to be closed; and (ii) the implementation of mitigating measures
will have a positive contribution to the migration of reindeer through the
site. The Investment Adviser welcomes the decision by the Ministry, which it
believes will be an important factor in the upcoming appraisal case.

 

As communicated with shareholders previously, Eolus, the developer of The Rock
remains responsible for handling the appraisal case and for the economic
impact on the project company associated with the outcome of that case and as
well as the economic impact associated with the  mitigation measures noted
above. The Company will continue to keep shareholders updated regarding any
key developments.

 

ENDS

 

For further information please contact:

 

Deutsche Numis (Financial Adviser and Broker) +44 020 7260 1000

David
Benda

Stuart Ord

George Shiel

 

Media contacts

Edelman Smithfield

Ged Brumby 07540 412 301

Hamza Ali 07976 308 914

 

Apex Listed Companies Services (UK) Limited (Company Secretary) +44 020 3327
9720

 

 

 

 

NOTES

 

About AER

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

 

Further details can be found at: www.aquila-european-renewables.com
(http://www.aquila-european-renewables.com)

 

LEI Number: 213800UKH1TZIC9ZRP41

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