Business
Update on The Rock Project
Update on The Rock Project.
About this update from Aquila European Renewables Plc Registered
[{"type":"text","content":"\n \n \n \n RNS Number : 5480S\n Aquila European Renewables Income\n 16 November 2021\n \n \n \n \n 16 November 2021\n \n \n \n \n \n Aquila European Renewables Income Fund plc\n \n \n Update on The Rock Project\n \n \n Considering the recent ruling of the Norwegian Supreme Court on two wind farms of the Fosen Vind (\"Fosen\") cluster, Roan and Storheia, and in response to enquiries from investors in Aquila European Renewables Income Fund plc (\"AERIF\" or the \"Company\") to understand the relevance for the Company's portfolio holdings in Norway, in particular The Rock (or the \"Project\"), the Investment Adviser is providing a preliminary perspective. \n \n \n In providing such initial analysis, the Investment Adviser recognises that the final implications of the Supreme Court decision in relation to the Fosen case are at this stage highly uncertain. The Supreme Court did not conclude any actions for either party involved in the Fosen case and the Roan and Storheia wind farms therefore remain in operation for the time being. Statkraft AS (the majority owner of Fosen) recently reported that an application for a renewed concession and expropriation permit will be submitted, including updated impact assessments related to the reindeer husbandry and new mitigating measures ensuring that the human rights of the involved Sami groups are respected.\n \n \n The Company and the Investment Advisor generally do not comment on projects or matters unrelated to the Company's business and operations. In this instance however, the Company and its Investment Adviser are making an exception in light of the Fosen Supreme Court Ruling following inbound investor queries. All information provided in relation to Fosen is based on publicly available information.\n \n \n The Investment Adviser recognises that there are important factual differences between the Fosen and The Rock cases. Most importantly, the Fosen wind farm cluster is built on a winter grazing area whereas The Rock is built on one of the existing migration routes. The Fosen case also illustrates the importance of the Supreme Court's consideration of facts and evidence, which it is too early to evaluate to the full extent at the present stage of the case. It is noted that the Supreme Court opined on two specific wind farms and in the context of their resp...