RBS International Institutional Banking team has successfully closed a new syndicated €40 million secured asset-backed facility to Tesseract Holdings Limited, a wholly owned subsidiary of Aquila European Renewables Income Fund plc (“AERIF”).
AERIF, a London-listed investment company advised by Aquila Capital Investmentgesellschaft mbh, specialises in renewable energy investments and is at the forefront of the growing renewables market. The fund provides investors with exposure to a multi-technology portfolio of wind, hydropower and solar PV assets across Europe (excluding the United Kingdom).
The facility has been structured to provide a flexible and scalable platform to support AERIF’s growth via a €60 million uncommitted accordion, allowing the facility to increase to a maximum of €100 million. An uncommitted extension option is also incorporated, permitting the facility to be extended by a further two years.
Brad Mitchell, Relationship Director at RBS International, said: ‘we are delighted to be part of this important milestone for AERIF and deliver a facility that supports AERIF in its strategic growth. AERIF provides investors with the opportunity to access the ever-growing pan-European renewable energy market, and being able to support this is a great achievement.
‘The provision of this facility and support of AERIF is closely aligned to RBS International’s purpose and contributes towards the wider NatWest Group’s climate lending targets. As a Bank, we are committed to combatting the effects of climate change and creating opportunities for investors and clients to share in the renewables sector.’
Michael Anderson, Senior Manager at Aquila Capital, the investment adviser to the Aquila European Renewable Income Fund, said: "The RCF will provide the Company with the flexibility to pursue an attractive pipeline of opportunities without incurring capital drag. Since launch, the fund has built an impressive portfolio of renewable energy assets across the European continent; we look forward to being able to add to this for the benefit of our investors.
About RBS International Institutional Banking
We specialise in helping institutional clients look after their money and manage risk. This includes transactional banking, fund financing, depositary services, and liquidity and risk management. We’re based in Jersey, Guernsey, London, Luxembourg, Gibraltar and the Isle of Man so our clients get personal, tailored support from a local expert. And our multi-currency online banking platform, eQ, lets them move and manage money the same way they do their personal banking.
Our clients include alternative investment fund managers, asset managers, fund administrators and corporate service providers. With our culture of restless innovation, we work to make banking easy. We’re focused on delivering all the services our clients need, where and when they need them.