(Alliance News) - Aquila European Renewables Income Fund PLC said Wednesday it has signed an agreement to acquire an 89% interest in the Desfina wind farm project in Greece for an undisclosed amount.
However, once the acquisition is completed, the fund will have used EUR88 million of the EUR127.5 million that was raised in October through the placing of 122.9 million shares.
Desfina consists of two wind farms with an aggregate capacity of around 40 megawatts, and is supported by a 20 year, feed-in premium for 100% of production. The project is expected to have an operating life of 25 years.
"With our recent acquisitions of Albeniz and now Desfina, AERIF is continuing its excellent track record of deploying capital into a range of renewable energy projects that meet our strict investment criteria. Desfina is our first investment in Greece and notably benefits from a long-term feed-in premium at attractive terms," said Chair Ian Nolan.
Shares in Aquila European Renewables Income were untraded on Wednesday, last quoted at 96.10 pence in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Aquila Euro. (AERS)