13 February 2025
Aquila European Renewables plc
Net Asset Value and Factsheet
Aquila European Renewables plc (the Company), a Euro income fund, announces its unaudited net asset value ("NAV") as at 31 December 2024, on a cum-income basis, was EUR 320,231,508 or 84.69 cents per ordinary share. This represents a NAV total return of -4.6% per Ordinary Share over the quarter.
Key drivers of the NAV movement in Q4 2024:
· European power price curves have decreased, most notably in the Nordics, driven by lower expectations for industrial demand, delays and reductions in hydrogen production, postponed battery developments and a resurgence of nuclear power (lifetime extensions and new builds). In Iberia, a declining trend is also observed, with an even sharper decrease in Spain. This is attributed to an increased buildout of PV plants (+7.8 GW by 2030), delays in the development of pump storage, and the interconnector to central Europe (-4.1 cents per Ordinary Share)
· An increase in risk free rate across the portfolio, resulting in an increase to the portfolio discount rate by approximately 10 bps to 7.3% (-1.0 cents per Ordinary Share)
· Following the growth of renewable energy in Finland, investments in grid infrastructure have been the utmost priority and as a result balancing and Fingrid costs have increased substantially (-0.4 cents per Ordinary Share)
Further details will shortly be available in the quarterly factsheet on the Company's website at: https://www.aquila-european-renewables.com.
For further details contact:
Sponsor, Broker and Placing Agent
Numis Securities 020 7260 1000
Tod Davis
David Benda
George Shiel
www.aquila-european-renewables.com
LEI: 213800UKH1TZIC9ZRP41