Aquila European Renewables Plc Registered · LSE:AERI
Aquila European Renewables Plc Registered — Aquila European Renewables Income Fund — Investor Presentation (August 2021)
26 slides from Aquila European Renewables Plc Registered's investor presentation, August 2021
Slide 1: Capital Raising Presentation
Aquila European Renewables Income Fund Plc Capital Raising Presentation August 2021 FOR PROFESSIONAL INVESTORS ONLY | CONFIDENTIAL | © 2021 AQUILA CAPITAL Generating Essential Investments
Slide 2: Track Record Since IPO
Track Record Since IPO Summary1 Capital Deployment (EUR m)2 Deployed or committed capital of over EUR 327 million since IPO 350.00 300.00 Aggregate dividends paid or declared since IPO: c. EUR 16m 250.00 Dividend targets achieved in 2019 and 2020. Dividend fully covered 200.00 FY21 dividend
Slide 3: Portfolio Snapshot
Portfolio Snapshot Key Statistics – 30 June 20211 10 32 Investments Operating assets2 2 6 projects under Countries construction 332.3 MW ~24 Operating capacity Remaining asset life (years)3 70%+ 25.4% Contracted revenue4 Leverage5 1Data based on AERIF share, where applicable. 2Sagres includes 21 sep
Slide 4: Attractive Contracted Revenue Base
Attractive Contracted Revenue Base Present Value of Contracted vs. Non- Revenue Mix – Existing Contracts Only (including The Rock / Albeniz) Contracted Revenue (5 Years)1 100% 90% Aquila will proactively seek to replace expired PPA / tariff contracts over time 22.9% in order to maintain a high degre
Slide 5: Surplus Capital Fully Deployed or Committed (30 June 2021)
Surplus Capital Fully Deployed or Committed (30 June 2021) Key Debt Metrics (EUR m)1 Liquidity and Project Commitments (EUR m) Company level debt 0.0 Total cash on hand 24.9 Asset level debt 107.6 RCF limit 40.0 Total debt 107.6 Total liquidity 64.9 NAV 316.2 Remaining commitments (The Rock, Albeniz
Slide 6: Proposed Capital Raising – Transaction Details
Proposed Capital Raising – Transaction Details Issue Summary Timetable Seeking to raise a target EUR 100 million under the placing – Deadline for placing 9 September 2021 programme – Results of placing announcement 10 September 2021 Ability to upsize to EUR 150 million – Admission of shares 14 S
Slide 7: Pipeline Overview
Pipeline Overview1 – AERIF is directly pursuing one wind & one solar opportunity with a potential equity investment of up to EUR 150 million, closing in Q3 / Q4 2021 AERIF has progressed through to the 2nd round of both processes and is currently undertaking due diligence Portfolio of operating
Slide 8: Select Opportunities Managed by Aquila
Select Opportunities Managed by Aquila #1 – Italian Solar #2 – Nordic Wind #3 – Greek Solar #4 – Portuguese Solar Technology Solar Wind Solar Solar Country Italy Norway Greece Portugal Capacity1 240 MW 400 MW 200 MW 93 MW Current Status Development Construction Development Development CoD2 Q3 2023 Q
Slide 9: European Power Prices and the Benefits of Diversification
European Power Prices and the Benefits of Diversification MIBEL (Iberia) vs. Nord Pool Power Prices (EUR)1 Revenue Correlation Matrix – Europe and UK2 EUR / MWh AERIF Portfolio AERIF Portfolio vs. UK renewables 150 Correlation Matrix MIBEL Nord Pool –– MIBEL 1 0.1962 –– Nord Pool 0.1962 1 100 50 0 A
Slide 10: Simulation Analysis and New Investment Opportunities
Simulation Analysis and New Investment Opportunities Historical prod1-price 500 prod-price simulations 500 simulations for 500 simulations at correlation at asset level per asset revenue correlation fund level – Simulation analysis allows for unique insights beyond asset-level analysis: Identifica
Slide 11: Recent Developments in Power Prices Since Q2 NAV Release
Recent Developments in Power Prices Since Q2 NAV Release AERIF Power Price Mix – Norway and Iberia Q2 2021 vs August 2021 Forward Curve Change Q2 2021 vs August 2021 (EUR/MWh, real 2021) (EUR/MWh) OMIP NASDAQ 100 40 80 Power Price Mix NO4 - Onshore Wind (Q2-21) FWDs Portugal (Q2-21) FWDs NO4 (Q2-21)
Slide 12: Construction – Valuation Approach: Discount Rate
Construction – Valuation Approach Typical Construction Risk / Reward Spectrum Aquila Valuation Approach – Discount Rate Evolution1 Low High Construction Fixed price and time Highly conditional price Risk Premium certain Engineering, (Relative to an Procurement & Operating Asset) Construction (“EPC”)
Slide 13: Construction – Aquila Capital's Presence in Southern Europe
Construction – Aquila Capital’s Presence in Southern Europe 7.5 GW+ Portfolio in Portugal Spain Italy Greece Southern Europe Supported by Local Teams – Offices in Lisbon, Madrid, Barcelona – Recently opened offices in Milan & Athens1 – 29+ employees, targeting 60 in 2021 Offices Solar PV / Wind Deve
Slide 14: GRESB Assessment – Sagres
GRESB Assessment – Sagres – GRESB mission – to assess and benchmark the Environmental, Social and Governance (ESG) and other related performance of real assets, providing standardized and validated data to the capital markets – Sagres rated by GRESB with 80 points – scored 2nd in the annual GRESB as
Slide 15: Appendix
Appendix FOR PROFESSIONAL INVESTORS ONLY | CONFIDENTIAL | © 2021 AQUILA CAPITAL 15
Slide 16: Investment Highlights
Investment Highlights Technology (solar PV, onshore wind and hydropower) Diversified Geography (Continental Europe and Ireland) Renewables Portfolio1 High contracted revenues (PPA, government tariffs) Construction exposure Competitive 6.0 – 7.5% total return, targeting ongoing dividend gro
Slide 17: Portfolio Allocation
Portfolio Allocation1 Technology Geography 5.2% 13.5% 21.0% 25.1% 9.4% 8.9% 69.7% 25.6% 21.7% Hydro Solar PV Wind Portugal Norway Denmark Finland Spain Greece Asset Status Asset Age 5.2% 25.7% 18.2% 74.3% 76.6% Operating Under construction > 10 years 5 - 10 years < 5 years 1Allocation is based on fa
Slide 18: Investment Adviser – Aquila Capital
Investment Adviser – Aquila Capital AERIF Managed by Aquila Capital’s Partnerships & Portfolio Advisory Team supported by over 110+ experts specialising in origination, asset management and merchant markets Christine Brockwell Michael Anderson Nicole Zimmermann Daniel Metzger Diego Escobar Pascal He
Slide 19: Merchant Market Desk
Merchant Market Desk PPA Origination and Market Analysis Joakim Johnsen Marcos Dominguez Lars Haavik Natalia Wisniewska Mena Nidam Head of Merchant Market Desk Director Power Sales Iberia Director Power Markets Nordics Power Markets Analyst MMD Analyst Experience & previous roles Experience & previo
Slide 20: AQ ENRG – Trading & Origination
AQ ENRG – Trading & Origination Hedging and portfolio management solutions, FX and interest rate exposure management Dr. Arne M. Weber Dean Morris Norman Hartmann Dr. Dirk Brunnberg Kilian Leykam Terence Scheit Ben Corp Konstantinos Björn Head of Trading & Head of Chief Technology Energy Markets & H
Slide 21: Merchant Market Desk – Proactive and Holistic Approach to Hedging
Merchant Market Desk – Proactive and Holistic Approach to Hedging Tesla Sagres The Rock In July 2021, Aquila was recently Local prices had experienced Prior to AERIF’s acquisition of the approached by a utility in relation to heightened volatility in 2020 project, Aquila’s MMD team extending a
Slide 22: Terms of the Fund
Terms of the Fund Aquila European Renewables Income Fund Plc Fund structure UK-domiciled closed-end investment company Listing Premium Segment of the London Stock Exchange Ticker / ISIN in EUR / SEDOL AERI / GB00BK6RLF66 / BK6RLF6 Ticker / ISIN in GBP / SEDOL AERS / GB00BK6RLF66 / BJMXQK1 Currency F
Slide 23: Contact details
Contact details Germany Czech Republic Japan Luxembourg Netherlands New Zealand Hamburg (Headquarters) Prague Tokyo Senningerberg Amsterdam Invercargill Valentinskamp 70 Palladium 12 F Yurakucho Itocia, Airport Center Luxembourg Tower F, World Trade Center 173 Spey Street 20355 Hamburg Náměstí Repub
Slide 24: Important notice
Important notice FOR INSTITUTIONAL/PROFESSIONAL INVESTORS ONLY. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE
Slide 25: Important notice (cont'd)
Important notice (cont’d) The information contained in this document is given at the date of its publication (unless otherwise marked) and may be incomplete and subject to change. In particular certain figures contained in this presentation, including financial information, are unaudited and may be
Slide 26: Important notice (cont'd)
Important notice (cont’d) The Fund is incorporated and registered in England and Wales as a public company limited by shares under the Companies Act 2006 (as amended). A prospectus has been issued for the Fund, which is, together with further documents and information available free of charge via we
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