Business
Breakdown of Aquila Capital asset sale negotiation
Aquila European Renewables PLC announced that negotiations with its investment adviser, Aquila Capital, regarding a proposed asset sale have broken down. Aquila Capital initially proposed acquiring approximately half of the Company's portfolio but later sought to increase this to two-thirds while reducing the total consideration, implying a wider discount to net asset value. The Board considers these revised terms significantly inferior and believes Aquila Capital attempted to exploit the Company's incurred costs and advanced stage of the process. Consequently, the Board will review the investment advisory arrangements and explore all available remedies to protect shareholder interests. Disclaimer*
About this update from Aquila European Renewables Plc Registered
[{"type":"text","content":"\n\n14 May 2026\n \nAquila European Renewables PLC\nBreakdown of negotiations with Aquila Capital regarding proposed asset sale\nThe Board of Aquila European Renewables PLC (the \"Company\") announces that negotiations with Aquila Capital Investmentgesellschaft mbH (\"Aquila Capital\"), the Company's investment adviser and a wholly owned subsidiary of Commerzbank, regarding the proposed sale of a portfolio of assets has broken down.\nThe Board had been in advanced discussions with Aquila Capital regarding the sale of approximately half of the Company's portfolio. Ahead of the anticipated signing of the sale and purchase agreements, Aquila Capital sought to alter the proposed transaction by increasing the assets under offer to approximately two-thirds of the portfolio, while reducing the total consideration and thereby applying a materially wider discount to the net asset value of the portfolio. Aquila Capital has withdrawn its original proposal.\nIn the Board's view, Aquila Capital has sought to take advantage of the Company's advanced position in the process and the significant time and costs already incurred, by proposing significantly inferior terms. This is especially concerning given the due diligence process was nearly completed and Aquila Capital had not raised any material issue which would justify this course of action. Moreover Aquila Capital, as investment adviser, has very extensive knowledge of the assets.\nThe Board will appoint advisers to conduct a full review of the investment advisory arrangements with Aquila Capital, including Aquila Capital's compliance with the standards of conduct that the Board believes shareholders are entitled to expect from their investment adviser.\nRobert Naylor, Chairman, commented:\n\"The Board is deeply troubled by the conduct of Aquila Capital's, a wholly owned subsidiary of Commerzbank. After a lengthy process, with signing imminent, Aquila Capital sought to fundamentally rewrite the economics of the transaction.\nThis is particularly concerning given that Aquila Capital recommended the Board reject an independent third-party offer for the Greco asset, received in December 2025, following detailed due diligence, at a narrower discount than that implied by Aquila Capital's own revised proposal.\nThe Board will examine all available remedies and consider whatever action is nec...