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Investors - JUNE 10, 2021

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Aquila increases investment in 400MW Norwegian onshore wind farm

by Kali Persall

Aquila European Renewables Income Fund (AERIF), a London-listed investment company, has increased its potential commitment in the 400-megawatt onshore wind farm, The Rock, by up to €35.6 million ($43 million).

The Rock is under construction in Norway, with completion expected by the fourth quarter of 2021. Aquila acquired 13.7 percent of the project last week and said there was a possibility of increasing its commitment in due course. The shareholding remains unchanged as a result of the bridge.

Aquila said the increase in capital will bridge the company's share of expected future draw-downs under the project's existing debt facility. The bridge is structured as a shareholder loan. Upon satisfaction of the conditions, project debt will be used to fully repay any amounts drawn under the bridge.

The company has made its first draw-down under the bridge of €3.6 million ($4.4 million). Following the initial draw-down, The Rock equates to a total investment of

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