Aquila Capital has raised just over half of the €300m target it intended to raise by floating a European renewables company on the London Stock Exchange.

The newly incorporated investment company Aquila European Renewables Income Fund has raised gross proceeds of €154.3m in its initial public offering.

The Hamburg-based alternative asset manager said Aquila European Renewables Income Fund will target a diversified portfolio of renewable energy technologies including wind, solar, and hydro across continental Europe and the Republic of Ireland (excluding the UK).

Ian Nolan, chair of Aquila European Renewables Income Fund, said: “The Aquila European Renewables Income Fund offers investors exposure to a portfolio of assets that investors, typically, have had limited opportunities to access.

“We are extremely pleased given the challenging political and economic environment to have raised nearly €155m at launch, from high-quality institutional investors.”

Nolan said the fundraising is one of the most successful share placings by a listed fund this year and the first continental European manager in the segment.

Aquila European Renewables Income Fund’s shares are expected to commence trading on the London Stock Exchange on 5 June 2019.