Business
Updates on Albeniz and The Rock
Updates on Albeniz and The Rock.
About this update from Aquila European Renewables Plc Registered
[{"type":"text","content":"\n \n 27 June 2022\n \n \n \n \n \n \n \n Aquila European Renewables Income Fund plc\n \n \n \n \n \n \n \n \n \n Update\n \n \n -\n \n \n Albeniz Energisation Completed and First Project Revenue Recorded\n \n \n \n \n \n \n \n \n Aquila European Renewables Income Fund plc (\"AERIF\" or \"the Company\"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH (the \"Investment Adviser\") is pleased to announce that its Albeniz project has recently reached an important milestone. With energisation completed, the asset is now fully operational and producing revenue.\n \n \n Albeniz is a 50 MWp solar PV project located in the south of Spain, in which AERIF acquired a 100% interest in December 2020. The asset is expected to have an operating life of 30 years after commissioning. Albeniz benefits from Power Purchase Agreements covering 80% of P50 production with Statkraft over a term of approximately five years. Albeniz represents the Company's largest single investment, equating to approximately 14.6% of portfolio fair value as at 31 March 2022.\n \n \n Final project commissioning is contingent upon the issuance of a Provisional Acceptance Certificate and approvals from the grid operator and authorities, which are expected to be achieved by Q3 2022.\n \n \n Albeniz is expected to provide 95.9 GWh of renewable electricity annually over its lifetime, representing approximately 110.7 kt of CO2 equivalent avoidance[1].\n A video showcasing the construction and other features of Albeniz can be found on AERIF's website. A link to AERIF's website is included at the end of this announcement.\n Commenting on today's announcement, Ian Nolan, Chairman of the Company, said: \"We are pleased to reach such a significant milestone for Albeniz, just in time for summer. Albeniz will help balance the portfolio's production levels during the summer months and directly contribute to dividend cover in 2022.\"\n \n Update - The Rock\n \n As noted in the Company's 2021 Annual Report, the appraisal case concerning the local reindeer district and The Rock was scheduled to be heard before the Helgeland District Court in May 2022. The court hearing was postponed in order to allow more time for the parties to prepare for the court proceedings. Due to the limited availability of Helgeland District Court member...