Aquila European Renewables Income Fund plc (AERIF) has increased its potential commitment in The Rock wind farm by up to EUR 35.6 million (US$42.5 million) 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. AERIF has also announced that it has made its first draw-down under the Bridge of approximately EUR3.6 million (US$4.3 million).
The Rock is a 400 MW onshore wind farm project located in Norway, which is currently under construction, with completion expected by Q4 2021. As announced on 5 June 2020, AERIF acquired approximately 13.7% of the project, noting a possibility to increase its commitment in due course.
The Bridge is being provided while the project satisfies certain conditions required in order to draw-down under its debt financing agreement, which AERIF expects to be met in the near future. The Bridge is structured as a shareholder loan at an attractive fixed rate. Upon satisfaction of the conditions, project debt will be used to fully repay any amounts drawn under the Bridge (pro rata to the company's interest in the project). AERIF's 13.7% interest in the project remains unchanged as a result of the Bridge.
