Aquila European Renewables PLC Spanish Solar PV Debt Financing (8572Y)
08 Janeiro 2024 - 4:00AM
UK Regulatory
TIDMAERS TIDMAERI
RNS Number : 8572Y
Aquila European Renewables PLC
08 January 2024
8 January 2024
Aquila European Renewables plc
Spanish Solar PV Debt Financing
Aquila European Renewables plc ("AER" or "the Company"), the
London-listed investment company advised by Aquila Capital
Investmentgesellschaft mbH ("Investment Adviser"), today announces
that it has entered into a EUR 50 million [1] , five-year
non-recourse debt facility ("Debt Facility") with ING Bank N.V.
Sucursal en España. The Debt Facility is secured by AER's wholly
owned Spanish solar PV portfolio, which consists of 180 MWp of
unlevered operating assets supported by long-term contracted Power
Purchase Agreements.
The Debt Facility implies a conservative gearing level of
approximately 26% for the Spanish solar PV portfolio, based on fair
values as at 30 September 2023. The Company has been able to secure
the loan at attractive terms, with an all-in interest rate below
the existing revolving credit facility ("RCF"). Pricing terms of
the Debt Facility remain confidential. 90% of the Debt Facility is
hedged via an interest rate swap over the life of the loan. The
Debt Facility is also partially amortising, with a balloon
repayment at maturity. The Debt Facility also benefits from an
accordion option (EUR 18 million), as well as two twelve-month
extension options, both of which are subject to lender consent.
The Company intends to use the net proceeds from the Debt
Facility to repay the RCF, resulting in available capacity under
the RCF of approximately EUR 70 million (current facility limit:
EUR 100 million). As a result, the Company's overall gearing level
remains unchanged at approximately 34% of its Gross Asset Value, as
at 30 September 2023. The undrawn RCF capacity provides significant
flexibility for the Company going forward when considering future
capital allocation decisions, which may include the continuation of
the share buyback programme.
As announced in May 2023, this debt financing is one of a number
of initiatives identified by the Board to assist in securing
recognition of the value inherent in the portfolio. Further, the
Board will continue to consult with shareholders and, as announced
on 22 December 2023, is considering broader options for the future
of the Company.
Ian Nolan, Chairman of AER, commented: "We are pleased to have
secured the debt financing at such attractive terms, fulfilling one
of the key initiatives announced in May 2023 prior to the Company's
inaugural continuation vote. We are working with our advisers to
evaluate how the incremental capital can be most appropriately
allocated for the benefit of shareholders."
ENDS
For further details contact:
Media Contacts
Edelman Smithfield
Ged Brumby 07540 412301
Sponsor, Broker and Placing Agent
Numis Securities 020 7260 1000
Tod Davis
David Benda
Apex Listed Companies Services (UK) Limited (Company Secretary)
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. AER is targeting a dividend
of 5.51 cents per share in relation to the financial year ending 31
December 2023, with the aim of increasing this dividend
progressively over the medium term.
Further details can be found at:
www.aquila-european-renewables.com .
LEI Number: 213800UKH1TZIC9ZRP41
About ING
ING is a global financial institution with a strong European
presence, offering banking services through ING Bank. ING Bank's
purpose is to empower people to stay one step ahead in life and
business. ING Bank's more than 52,000 employees provide retail and
wholesale banking services to customers in more than 40 countries.
ING Group shares are listed (in the form of certificates of
deposit) on the stock exchanges in Amsterdam (INGA NA, ING.AS),
Brussels and New York (ADRs: ING US, ING.N). Sustainability is an
integral part of ING's corporate strategy, as evidenced by the
inclusion of ING Group shares in the FTSE4Good and Dow Jones
Sustainability indexes (European and global), where the company is
among the leaders in the banking sector.
[1] Excludes any ancillary debt facilities (debt service reserve
and letter of credit facilities)
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCUVUBRSBUARAR
(END) Dow Jones Newswires
January 08, 2024 02:00 ET (07:00 GMT)
Aquila European Renewables (LSE:AERI)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
Aquila European Renewables (LSE:AERI)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024