AERS Insider Trading

Aquila European Renewables (AERI) invests in renewable generation assets in continental Europe and the Republic of Ireland including wind, solar pv and hydropower projects. The long-term goal is to allocate c 15-25% to hydro, 30- 50% Solar PV and 30-50% wind. It can invest up to 20% of GAV in non-generation assets including storage (batteries) and transmission (grids and transmission lines). AERI targets assets where the energy source is most abundant including Nordic wind and Iberian Solar. Projects are located across six countries and six power markets. Reflecting the relevant maturities of each power market, AERI's revenue mix is diversified by contract type. Investment restrictions include no more than 30% of GAV to be invested in assets under development or construction, no more than 50% in one country, and no investments in the UK. AERI listed in London on 31 May 2019, raising €154.3m, followed by a further €167.5m in 2020 and €90m in 2021. The shares include both a Euro (ticker: AERI) and Sterling (ticker: AERS) quote. The fund seeks to deliver a target return of 6-7.5%, and to date we calculate that it has delivered an annualised NAV total return of 7.2%, at the top end of this range. The investment adviser to the fund is Aquila Capital, a specialist investment and asset development company regulated and based in Germany, more information is available at www.aquila-capital.de/en