Aquila European Renewables Income Fund (AERIF) has increased its commitment to a Norwegian wind farm project it first invested in a year ago.
The London-listed investment company said it has increased its potential commitment to The Rock by up to €35.6m in order to bridge the company’s share of expected future draw-downs under the project’s existing debt facility required to bring the project to completion. The company has also announced that it has made its first draw-down under the bridge loan facility of approximately €3.6m.
The 400MW onshore wind farm project is expected to complete by the fourth quarter of the year.
AERIF announced in June last year that it had acquired close to 13.7% of the project, adding that it will ”seek to increase its commitment to The Rock in due course”.
AERIF said its 13.7% interest in the project remains unchanged as a result of the bridge facility.
”Subsequent to the initial draw-down under the Bridge, when combined with the company’s existing investment in The Rock equates to a total investment of approximately €41m to date,” it said.
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