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Aquila European Renewables results reflect effect of falling power prices – Aquila European Renewables has published results covering the year ended 31 December 2020. Highlights are:
The disappointing returns reflect weak power prices. In the short term these were impacted by COVID-19-related falls in demand for electricity. Forecast power prices are now based on the average of two forecasters. The fall in power prices was partially offset by a reduction in the discount rate used to value the future cash flows generated by the assets to 6.6%.
Aquila European Renewables has agreed a €40m revolving credit facility with a consortium of lenders including ING and The Royal Bank of Scotland. The facility has a margin of 1.85% over EURIBOR, can be upsized to €100m and can be extended for two years. There is a limit of 25% loan to value on the facility.
AERI : Aquila European Renewables results reflect effect of falling power prices
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