TIDMAEET
RNS Number : 0658A
Aquila Energy Efficiency Trust PLC
31 January 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EC NO. 596/2014) AS IT
FORMS PART OF THE DOMESTIC LAW OF THE UNITED KINGDOM BY VIRTUE OF
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED) (THE "UK
MARKET ABUSE REGULATION")
31 January 2022
Aquila Energy Efficiency Trust PLC
("AEET" or the "Company")
Board Changes, Investment Strategy Review, Initial Investments
and Net Asset Value
Board Changes
Aquila Energy Efficiency Trust PLC announces that the Company's
Non-Executive Directors, Laura Sandys and Lisa Arnold, have
submitted their resignations to the Board.
The Board thanks Laura and Lisa for their contributions to the
Company, and, notes that they are leaving because of a difference
of opinion regarding the speed of deployment. Their resignations
are effective immediately.
The other Board members, Miriam Greenwood (Chair) and Nicholas
Bliss, remain committed to the Company, and a search has already
been initiated for replacement Non-Executive Directors, including
as chair of the audit committee. Nicholas Bliss has been appointed
interim chair of the audit committee.
Review of Investment Strategy
Given slower investment deployment than originally anticipated,
the Board is undertaking a comprehensive review of the Company's
investment strategy with a view to ascertaining how best to
accelerate deployment, whilst maintaining the Company's prudent
credit criteria and return objectives. An update will be provided
to shareholders on the outcome of this review in due course. As
part of this review the Board will be consulting with shareholders
on their views.
Initial Investments
The Company is also today announcing the first investments since
its IPO in June last year.
Italian Residential Energy Efficiency
The Company has agreed to invest EUR17.0m (approximately
GBP14.0m) in energy efficiency projects in Italy's residential
building sector. To date EUR11.9m (approximately GBP10.0m) has been
deployed. The investment will focus on improving the energy
efficiency of 16 residential buildings in Italy, with AEET's
exposure prudently limited to tranches of 30%-40% of each project,
and, these will be managed by two energy services companies
("ESCOs"), responsible for delivering a range of energy efficiency
measures. Such measures will include new, more efficient heating
systems, insulation and windows. The projects are currently being
implemented, and the total amount is expected to be deployed by
October 2022. The investment has been made under Italy's
"Superbonus 110" incentive scheme.
Italian Rooftop Solar Investments
The Company has entered into a partnership with Noleggio
Energia, a leading platform for providing financing solutions for
energy efficiency and energy generating projects in Italy. The
partnership has resulted in securing financing for two projects,
which have been implemented, and we expect to finance additional
projects, one of which has already been approved by the Board.
The first investment of EUR0.35m is to finance a rooftop solar
PV project located in Lombardy (Italy) for the Italian food product
manufacturer, Galletti di Galletti Aurelio e C. snc ("Acetificio
Galletti"). The second investment of EUR0.14m is to finance a
rooftop solar PV project in Veneto (Italy) for Enofrigo SpA, an
Italian designer and manufacturer of wine cabinets and refrigerated
displays. A third investment, Tecnocryo has been agreed between the
Company and Noleggio Energia for a rooftop solar PV project, also
based in Lombardy, for a total investment volume of EUR1.5m.
A further investment of EUR0.85m has also been made into a
project developed by CO-VER Power Technologies, a leading Italian
engineering firm. The project, a roof-mounted solar PV plant
totaling 901.6 kWp, is based in Ascoli Piceno, Marche in central
Italy. This financing is for a Solar PV plant operational since
2013, as opposed to a new build.
UK Lighting Investment
The Company has made its first investment in the UK market. The
Company has invested EUR0.3m in a group of four operational
lighting projects developed by a Northern Ireland based lighting
service company, Lumenstream Limited. The Company views this as the
first of a potential pipeline of projects with this
counterparty.
At a time when millions of businesses and households across
Europe and the UK are facing a significant increase in energy
prices, an acceleration of the adoption of energy efficiency
measures and a reduction in primary energy consumption, are a
necessary and effective part of the solution, with the additional
benefit of reducing carbon emissions.
Net Asset Value
The Company also announces that its unaudited net asset value
("NAV") as at 31 December 2021 was 96.92 pence per ordinary share.
This is calculated at the end of the first financial period for the
Company on a cum-income basis.
For further information please contact:
Aquila Capital (Investment Adviser)
Via Buchanan
Peel Hunt (Broker) 020 7418 8900
Luke Simpson, Huw Jeremy (Investment Banking)
Buchanan (Financial PR) 020 7466 5000
Charles Ryland, Henry Wilson, George Beale
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END
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January 31, 2022 01:59 ET (06:59 GMT)
Aquila Energy Efficiency (LSE:AEEE)
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