Aquila European Renewables Income Fund is targeting €150 million ($177 million) via the issuance of 145 million shares, which the company will use to invest in future projects and to diversify its portfolio, according to Reuters.
The share issuance is set to close on Oct. 8.
Aquila European Renewables Income Fund invests primarily in hydropower plants, onshore wind and solar photovoltaic parks across continental Europe and Ireland.The fund targets assets that are expected to generate renewable energy output for at least 25 years from their commissioning date.
Last week, the fund unveiled plans to pay €16 million ($19 million) for a solar portfolio in Portugal.