Aquila European Renewables to buy stake in 40 MW Desfina onshore wind farm complex

Aquila European Renewables Income Fund plc (AERIF), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH, has announced that its fully owned subsidiary, Tesseract Holdings Limited (THL) has entered into a Share Sale and Purchase Agreement to acquire 89% of Desfina, an operational wind farm in Greece for an undisclosed amount. Closing under the SPA is expected to occur shortly.

Desfina is an operating, onshore wind project, which consists of two wind farms with an aggregate capacity of approximately 40 MW. The project is supported by a 20-year Feed-in Premium for 100% of production and has an existing long-term (15 year) debt financing in place of approximately EUR 41.5 million (US$50.9 million), which will be retained as part of the acquisition. Desfina is expected to have an operating life of 25 years. The project will save over 16,000 tonnes of CO2 emissions per annum and an estimated 400,000 tonnes over the projected lifetime of the asset.