Albeniz Energisation Completed and First Project Revenue Recorded

Source: www.gulfoilandgas.com 6/27/2022, Location: Europe

Aquila European Renewables Income Fund plc ("AERIF" or "the Company"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH (the "Investment Adviser") is pleased to announce that its Albeniz project has recently reached an important milestone. With energisation completed, the asset is now fully operational and producing revenue.

Albeniz is a 50 MWp solar PV project located in the south of Spain, in which AERIF acquired a 100% interest in December 2020. The asset is expected to have an operating life of 30 years after commissioning. Albeniz benefits from Power Purchase Agreements covering 80% of P50 production with Statkraft over a term of approximately five years. Albeniz represents the Company's largest single investment, equating to approximately 14.6% of portfolio fair value as at 31 March 2022.

Final project commissioning is contingent upon the issuance of a Provisional Acceptance Certificate and approvals from the grid operator and authorities, which are expected to be achieved by Q3 2022.

Albeniz is expected to provide 95.9 GWh of renewable electricity annually over its lifetime, representing approximately 110.7 kt of CO2 equivalent avoidance[1].

A video showcasing the construction and other features of Albeniz can be found on AERIF's website. A link to AERIF's website is included at the end of this announcement.

Commenting on today's announcement, Ian Nolan, Chairman of the Company, said: "We are pleased to reach such a significant milestone for Albeniz, just in time for summer. Albeniz will help balance the portfolio's production levels during the summer months and directly contribute to dividend cover in 2022."

Update - The Rock
As noted in the Company's 2021 Annual Report, the appraisal case concerning the local reindeer district and The Rock was scheduled to be heard before the Helgeland District Court in May 2022. The court hearing was postponed in order to allow more time for the parties to prepare for the court proceedings. Due to the limited availability of Helgeland District Court members to hear the case in 2022, the appraisal case has been rescheduled to 30 May 2023.

Based on legal advice received, the Investment Adviser continues to believe the chances of The Rock losing its licence are low. Following appeals to injunctive relief cases started by the local reindeer district in late 2020 and lost by the local reindeer district in 2021, the Norwegian Ministry of Petroleum and Energy ("MPE") reconfirmed that the facility licence for The Rock is still valid. In April 2022, the MPE announced that it intended to join the appraisal case and defend the facility licence.

Since finishing construction of The Rock in December 2021, works have been focused on the energisation of the turbines, which has been delayed due to adverse weather conditions and limited accessibility to the site. Currently 65 out of 72 turbines are energised and have started producing electricity. The remaining turbines are expected to be fully energised shortly. As noted in the Company's 2021 Annual Report, takeover was expected to take place during the second quarter of 2022. However, due to unfavorable weather conditions experienced even during the summer period, the Investment Adviser expects takeover to take place during the third quarter of 2022.


United States >>  11/8/2024 - Rising interest among consumers to reduce their carbon footprints and energy costs is driving the growth of community and rooftop solar in ComEd’s nor...
United Arab Emirates >>  11/7/2024 - Dubai Electricity and Water Authority (DEWA) has achieved a significant milestone by being announced as a winner of the International 30th SolarPACES ...

France >>  11/6/2024 - Plenitude has announced the start of operation of a new photovoltaic plant with an installed capacity of 5 MW in the municipality of Bouillac, Dordogn...
United States >>  11/6/2024 - An important milestone has recently been achieved in the Centennial Flats solar and battery storage project located in Arizona, US, which was sold by ...

Uzbekistan >>  11/6/2024 - - EBRD organises financial package of US$ 54.6 million for Sarimay Solar
- Voltalia’s fully owned subsidiary to build 100 MWac (126MWdc) green...

Vietnam >>  11/6/2024 - Coro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, announces, further to the Company's announcements ...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.