Aquila

Capital Increase

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

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

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

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