RCS - Aquila Eur Renwables - Initiation from QuotedData

Aquila European RenewablesAnnouncement

15/06/2023 14:00

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RNS Number : 8850C  Aquila European Renewables PLC  15 June 2023

 

Aquila European Renewables - Initiation from QuotedData

15(th) June 2023

Sunny days are here again

Aquila European Renewables (AERI) is about four years old. Since launch, it
has built up a 464MW portfolio of operational solar, wind and hydropower
projects, spread across six European power markets. It has also generated
returns in line with the target that it set at launch, returning an average of
7.2% per year against a target of 6.0-7.5%.

For 2023, AERI is targeting a dividend of 5.51 cents per share (that is euro
cents - given that it invests in Europe, it presents its figures in euros), 5%
ahead of the target it had for 2022. Importantly, the board reckons that this
will be covered 1.8x.

Like all other renewable energy funds currently, AERI's shares trade on a
discount to net asset value (NAV). However, its board has been proactive in
addressing this through share buybacks. On 14 June, shareholders voted in
favour of the continuation of the company at this year's annual general
meeting (AGM). Commendably, mindful of the share price discount to NAV, the
board has brought forward the next vote scheduled for 2027 - to 2024.

With an established cash-generative portfolio, the prospect of adding further
cover to the dividend, a healthy pipeline of new projects, and calmer
conditions returning to markets, AERI's future looks bright.

Full Research:

https://quoteddata.com/research/aquila-european-renewables-sunny-days-qd/
(https://quoteddata.com/research/aquila-european-renewables-sunny-days-qd/)

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NB: Marten & Co was paid to produce this note on Aquila European
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