3 May 2024
Aquila European Renewables plc
Net Asset Value and Factsheet - March 2024
Aquila European Renewables plc (the Company), a Euro income fund, announces its unaudited net asset value ("NAV") as at 31 March 2024, on a cum-income basis, was EUR 353,538,451 or 93.5 cents per ordinary share. This represents a NAV total return of (3.7%) per Ordinary Share over the quarter.
Key drivers of the NAV movement in Q1 2024:
| · | Decrease in European, especially Iberian, short-term power price forecasts relative to Q4 2023, mirroring lower commodity prices and demand due to mild winter weather conditions, partially offset by increase in Nordic mid-to-long term forecast prices driven by expectation of higher carbon prices and slower wind buildout due to higher investment costs (-4.3 cents per Ordinary Share); |
| · | Marginal decrease in risk-free rates across the portfolio (+2.1 cents per Ordinary Share); |
| · | Higher balancing costs for Nordic assets, new generation tax in Spain and increased social cost assumptions in Portugal (-2.4 cents per Ordinary Share). |
A sensitivity of NAV against discount rates, inflation and power prices can be found below.
| Assumption
| Impact on NAV per
| |
| Discount rate | +0.5% | -5 cents |
| -0.5% | +5 cents | |
| Inflation | +0.5% | +5 cents |
| -0.5% | -4 cents | |
| Power price | +10.0% | +11 cents |
| -10.0% | -11 cents | |
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:
For further details contact:
Media contacts
Edelman Smithfield
Ged Brumby 07540-412301
Hamza Ali 07976 308914
Sponsor, Broker and Placing Agent
Numis Securities 020 7260 1000
Tod Davis
David Benda
George Shiel
NOTES
The objective of Aquila European Renewables plc is to provide investors with an attractive long-term, income-based return in EUR through a diversified portfolio of wind, solar PV and hydropower investments across continental Europe and Ireland. Through the diversification of generation technologies, the seasonal production patterns of these asset types complement each other to balance the cash flow, while the geographic diversification serves to reduce exposure to one single energy market. In addition, a balance is maintained between government supported revenues, fixed price power purchase agreements and market power price risk.
www.aquila-european-renewables.com
LEI: 213800UKH1TZIC9ZRP41
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