Capital Increase
€ c. 128 million
Joint Bookrunner
;

Aquila

Capital Increase

Kempen & Co acted as Joint Bookrunner in the €127.5m Capital Increase of Aquila European Renewables Income Fund Plc

Transaction highlights

  • Raising €127.5 million, Aquila European Renewables Income Fund successfully completed its second capital increase of the year following the €40 million capital raise in March 2020
  • The total offering of c. 122.9 million primary ordinary shares through the placing and offer for subscription results in a post-transaction market cap of c. €330 million (c. 63% increase in market cap pre-transaction)
  • The shares were priced at a 5.2% premium compared to the company’s net asset value (NAV) as per 30 June 2020
  • The capital raise results in a further diversification of its shareholder base having onboarded new continental European investors
  • This significant capital contribution will enable Aquila European Renewables Income Fund to continue with its acquisition strategy and capitalize on its enhanced pipeline 
  • The transaction underpins the track record of Aquila European Renewables Income Fund in particular and the increasing demand for the renewables industry in general
     

 Company description

  • Aquila European Renewables Income Fund is a Euro-denominated UK domiciled investment company listed on the premium segment of the London Stock Exchange (LSE)
  • The company was created in 2019 following the €154.3 million IPO with the objective to provide investors with a truly diversified portfolio of renewable assets across continental Europe and Ireland
  • The company is externally managed by Aquila Capital, which is a leading investment manager in real asset solutions with a pan-European asset portfolio. The company is supervised by an independent board of non-executive directors
     

Kempen & Co Corporate Finance & ECM credentials

  • In 2020 year to date Kempen & Co has advised on 30 transactions across 10 different countries representing a total deal value of c. €22bn in a challenging and unprecedented pandemic environment
  • Kempen & Co has successfully closed a wide variety of transactions, including public offers, sell-side mandates, fully virtual IPOs, bridge financings, hard underwritten rights issues and numerous follow-on ECM transactions as well as its first SPAC merger
     

Contact

Maarten de Zeeuw
Thomas ten Hoedt

Transactions