Aquila European Renewables has provided a Q4 update for the period ended 31 December 2023. The company saw a NAV total return of -2.6% while total shareholder return over the quarter was -4.1%, with the discount widening to 20.3%. Key drivers of the NAV movement in Q4 2023 were the impact of changes to Norway’s taxation of onshore wind farms, which impacted both Tesla and The Rock  and an increase in medium to long-term increase in power prices in the Nordics.

The company also announced it has completed a significant transformation of its portfolio, both in terms of growth in operating capacity, as well
as achieving a more balanced mix between both wind and solar PV technologies. The result is a more efficient balance sheet and a diversified operating portfolio which offers strong cash flow to support a progressive dividend, which remains well covered.

AERI : Aquila European Renewables provides Q4 update