Last checked at 25 Jul 2022 07:00
25 July 2022
Aquila Energy Efficiency Trust PLC
("AEET" or the "Company")
Trading Update
Increase in Deployment and Capital Commitment
The Company today announces an update on the improved progress in commitments and deployment since the last update on 24 June 2022, which covered the period to 31 May 2022.
Deployment Update
The Company's Annual Report published on 24 June 2022, stated that total commitments of £19.7m had been made and that income generating deployed capital was £15.7m as at 31 May 2022. Since the latter date, the Company has increased capital commitments, adding a further £28.9m of commitments to total £48.5m as at 25 July 2022. Capital deployed during the period also increased by £6.1m to a total of £21.8m as at 25 July 2022.
Following the review of investment strategy in April 2022, the Investment Adviser has increased its origination capability, focusing on repeat business with existing partners. We are now beginning to see these efforts leading to increased deployment.
Residential Energy Efficiency in Italy
As at 25 July 2022, the Company has committed a further £8.3m of which £3.9m has been deployed in a project which includes the investment in a cluster of 32 energy efficiency projects for small residential buildings and condominiums (including insulation, energy efficient heating systems and other measures) qualifying for the Italian Superbonus incentive scheme.
Solar PV Investments in Spain
The Company remains focused on its Pan-European strategy and, in addition to its existing geographies of Italy, the UK and Germany, has committed to three transactions in Spain, one of which includes an investment of £2.8m in a 3.83MWp roof mounted solar PV plant for self-consumption located near Tarragona. The second Spanish transaction is an investment in a cluster of three solar PV plants for self-consumption located in Zaragoza, Aragon, totalling 0.4MWp and comprising two ground mounted and one roof mounted plant. Lastly, £9.4m has been committed to a cluster of up to 11 solar PV plants totaling 13 MWp for industrial and commercial companies originated by Solarnub, a fast growing trading management platform for solar companies.
UK CHP Investments
The Company has invested in CHP projects in the UK developed by three separate ESCOs with whom additional investments are expected to be made. One investment is for a project to be installed at the manufacturing facility of food producer, Vale of Mowbray, which has entered into a 15-year energy supply agreement. This project has an investment tenor of 7 years.
Additions to the Investment Adviser's team
In April, the Investment Adviser added two further origination specialists to increase the speed of origination and execution for new investments.
The Directors continue to believe that the political and global economic backdrop and markets for energy efficiency remain strong. Amid extreme climate events, unprecedented levels of energy prices across Europe and the strategic urgency for energy independence, energy efficiency has never been more relevant and the Company is well positioned to invest in the sector and support the Sustainable Development Goal (SDG) 7.3 to double the global rate of improvement in energy efficiency by 2030.
Presentation
A Presentation is being given by Aquila Capital the company´s investment adviser at today´s general meeting and the presentation will be posted on the company´s website. No material new information will be discussed at the event.
Please contact Buchanan for more details or to attend the general meeting.
For further information please contact:
Aquila Capital (Investment Adviser) Via Buchanan
Buchanan (Financial PR) 020 7466 5000
Charles Ryland, Henry Wilson, George Beale
Peel Hunt (Broker) 020 7418 8900
Luke Simpson, Huw Jeremy (Investment Banking)