REG - Aquila Eur Renwables Aquila Euro Rnw-AERI - Update in Response to Siemens Energy Press Release

Aquila European RenewablesAnnouncement

30/06/2023 11:15

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RNS Number : 5706E  Aquila European Renewables PLC  30 June 2023

30 June 2023

 

Aquila European Renewables plc

 

Update In Response to Siemens Energy Press Release

 

Aquila European Renewables plc ("AER" or "the Company"), the London-listed
investment company advised by Aquila Capital Investmentgesellschaft mbH (the
"Investment Adviser") is providing an update on its exposure to Siemens Gamesa
("SG") turbines in response to the press release issued by Siemens Energy on
22 June 2023.

On 22 June 2023, Siemens Energy announced that they are withdrawing their
profit guidance due to a substantial increase in failure rates of wind turbine
components from SG.

Svindbaek is the only asset in the portfolio which currently utilises SG
turbines. As of 31 March 2023, Svindbaek represents approximately 9% of Net
Asset Value and the Company owns approximately 99.9% of Svindbaek.

A preliminary assessment carried out by the Company's Investment Adviser has
concluded that there is no evidence to suggest that the technical issues
identified by SG in the above-mentioned press release affect the turbines in
use at Svindbaek. Importantly, Svindbaek has not experienced serial defects in
the past and the technical issues identified by SG are related to a turbine
series that is not used by Svindbaek.

In accordance with the existing Turbine Supply Agreement at Svindbaek, the
manufacturer warranty period ended in 2022. During the inspection at the end
of the warranty period in 2022, no serial defects were identified.

The Investment Adviser is continuing to engage with SG and the Company will
keep shareholders updated in relation to any significant developments.

Ends

For further details contact:

 

Media Contacts

Edelman Smithfield

Ged Brumby 07540 412301

Kanayo Agwunobi 07581 010560

 

Sponsor, Broker and Placing Agent

Numis Securities 020 7260 1000

Tod Davis

David Benda

Vicki Paine

 

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 Number: 213800UKH1TZIC9ZRP41

 

 

 

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