Aquila European Renewables Income Fund (AERIF) has made its first acquisitions, comprising a hydro portfolio in Portugal and a wind farm in Denmark.
The investments are part of the pipeline disclosed in the May prospectus and makes for a combined value of 26.4 percent of funds raised in its IPO.
The fund acquired 17.9 percent of the shares of Portugal-based Aguia Enlica, and 100 percent of the shares in Holmen Wind Park II.
Aguila and its subsidiaries operate a 21 hydro power plant portfolio with a capacity of around 103 megawatts and an expected total annual production of 312 GWh hours in northern and central Portugal.
Holmen II is an onshore Danish wind farm with 18 megawatts of installed capacity.
The fund aims to invest mostly in diversified operating and a limited number of greenfield renewable energy assets, such as hydropower plants, onshore wind and solar parks across continental Europe and Ireland, according to the Aquila website.
The fund is targeting an aggregate annual yield of 5 percent once fully invested.
