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Aquila European Renewables Income Fund acquires 25.9% stake in Midfjellet Vindkraft

Friday, 12th July 2019
Aquila European Renewables Income Fund said it had acquired a 25.9% stake in Midfjellet Vindkraft AS, a Norwegian wind farm.

The Midtfjellet wind farm was built in three phases: Phases I and II comprised 44 N100 and N90 wind turbines (2.5 MW each) from the German manufacturer Nordex and have been operational since 2013. A third expansion phase of 40 MW successfully commenced operation in August 2018 with 11 installed Nordex turbines of the type N117 3.6 MW.

'With the investment in Midtfjellet, the Company is diversified across three continental European countries, Portugal, Denmark and Norway, with a good blend of revenues from feed-in tariffs and power purchase agreements. In aggregate c. 40% of the proceeds raised from the IPO are invested and we are looking forward to advising the Company on further investments in the near future,' said Christine Brockwell, Senior Investment Manager at Aquila Capital, the investment adviser.

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