Aquila European Renewables Income Fund (AERIF) is buying its first project in Greece by investing an undisclosed sum for an 89% stake in an operational wind farm.

The London-listed investment company said its subsidiary, Tesseract Holdings, has entered into an agreement to buy the stake in Desfina.

Desfina is an operating, onshore wind project, which consists of two wind farms with an aggregate capacity of approximately 40MW. Desfina is expected to have an operating life of 25 years.

Last week, AERIF announced that Tesseract had completed the acquisition of 50MWp Spanish solar construction project.

AERIF said that following the completion of the acquisitions of Albeniz and Desfina, the company will have committed €88m of the €127.5m that was raised in October.

Ian Nolan, chairman of AERIF, said: “With our recent acquisitions of Albeniz and now Desfina, AERIF is continuing its excellent track record of deploying capital into a range of renewable energy projects that meet our strict investment criteria.

”Desfina is our first investment in Greece and notably benefits from a long-term feed-in premium at attractive terms.”

Christine Brockwell, head of partnerships and portfolio management at Aquila Capital, the investment adviser, said: “We are excited to be able to secure this opportunity which will further enhance AERIFs contracted revenue base over a significant time frame as well as offer further geographic diversification to the portfolio.

“These are fundamental principles of AERIFs investment policy and we believe will continue to prove attractive to existing and potential investors.”

To read the digital edition of the latest IPE Real Assets magazine click here.