(Alliance News) - Aquila European Renewables PLC on Wednesday reported its highest total net asset value return since its initial public offering, declared high dividends and said electricity production jumped in 2022.
Aquila European is a London-headquartered investment company focused on renewable energy generation assets.
Aquila European declared a dividend of 1.3125 euro cents per share for the fourth interim of 2022 paid on March 17, bringing the year's total payout to 5.25 cents, up from 5.0 cents the previous year.
Aquila European said dividend cover was 1.4 times last year. It predicted cover of 1.8 times for 2023 and 1.6 times on average over the next five years.
Aquila European said its NAV per share at December 31 rose 7.8% to 110.6 cents from 102.6 cents at the same time in 2021. NAV total return per share was positive 13% in 2022, up from 7.6% the previous year and the company's highest one-year return since its IPO in April, 2019.
Aquila European also said electricity production from its portfolio increased by 28% to 666.4 gigawatt hours from 522.3GWh in 2021.
Aquila European said however that its share price at December 31 was down 9.5% to 92.3 cents from 102.0 cents at the same time a year prior. It said this fall was due to volatility in the financial markets last autumn.
Chair Ian Nolan said the share price performance was "disappointing", and said that over 2023 Aquila European would continue exploring initiatives to help the share price reflect the portfolio's true underlying value.
Nolan added: "The board remains of the view that the market outlook for renewable energy generation in Europe is strong, reinforced by a combination of geopolitical and macro-economic factors, along with the ever-more urgent need to decarbonise Europe's energy supply."
Aquila European's shares were up 2.4% at 85.50 pence in London on Wednesday.
By Emma Curzon, Alliance News reporter
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Aquila Euro. (AERS)
Aquila Euro. (AERI)