Overview
Aquila Energy Efficiency Trust seeks to generate attractive returns for its shareholders, principally in the form of income distributions by investing in a diversified portfolio of energy efficiency investments. These investments seek to reduce primary energy consumption, reduce CO2 emissions and in many cases deliver economic savings and other benefits to the counterparties including improved air quality. The company will not invest in fossil fuel extraction or mineral extraction projects.
Aquila Energy Efficiency Trust is targeting a dividend of a minimum of 3.5p per share in relation to the financial year ending 31 December 2022; and a minimum of 5p per share for 2023, with the aim of increasing this dividend progressively over the medium term. The targeting is to generate a total shareholder return of 7.5% to 9.5% a year (net of fees and expenses) over the medium term.
Aquila Energy Efficiency Trust may invest in energy efficient lighting, smart building and metering services, cogeneration plants, heating, ventilation and air conditioning (HVAC) systems, efficient boilers, solar photo voltaic plants batteries, other energy storage solutions, electric vehicles and associated charging infrastructure. In addition, it may also invest into majority or minority interests in other companies with a strategy that aligns with the investment objective, such as developers, operators or managers of energy efficiency investments.
Fundamentals
Price
News
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01 May 2024 2 min read
Managed run off continues for Aquila Energy Efficiency Trust
Aquila Energy Efficiency Trust (AEET) announced its annual results for the year end December 31 2023. The company saw a NAV total return of 0.3%, while shares fell 17.6%, leading the discount down to 39.3%. The company has made no new investments outside its existing commitments since the failed continuation vote back in Feb 2023 […]
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19 Apr 2024 2 min read
Aquila Energy Efficiency Trust provides detail on tender offer proposal
Aquila Energy Efficiency Trust (AEET) has published details of a tender offer under which up to 18.6% of its issued share capital may be repurchased at 94.28p per share, up to a maximum consideration of £17.5m. AEET is publishing a circular which we would suggest that shareholders read. AEET is seeking shareholders’ approval for the […]
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07 Mar 2024 1 min read
QuotedData’s morning briefing 7 March 2024 – AEEE
In QuotedData’s morning briefing 7 March 2024: Aquila Energy Efficiency Trust (AEET / AEEE) says it didn’t receive any definitive proposal from potential buyers that it believes, at this time, could deliver greater value to shareholders than its ongoing managed run-off of the portfolio. It wants to hold back a cash buffer but plans to […]
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22 Dec 2023 3 min read
QD – review of the year
This is the last of our weekly emails for 2023. We hope that you have been finding them useful. We will be publishing our annual roundup in January. Ahead of that however, I thought it might be worth pulling out a few of the year’s highs and lows. In January, China’s market shone as hopes […]
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16 Aug 2023 1 min read
QuotedData’s morning briefing 15 August 2023 – GOT, REL, AEET
Global Opportunities Trust (GOT) announced its half year report for the period ended 30 June 2023. The company’s NAV decreased by 0.2% while shares increased by 2.2% reflecting a slight narrowing of the discount to NAV which sat at 17% at the last close. During the period, the company also terminated its investment management agreement […]
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05 May 2023 1 min read
QuotedData’s weekly news show 5th May 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Aquila Energy Efficiency (0:27) • Chrysalis (3:15) Andrew McHattie discussed the tentative private equity rally (7:41) and a possible opportunity in Crystal Amber (19:14). This week’s […]
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04 May 2023 1 min read
Aquila Energy Efficiency AGM notice sets out realisation options
Aquila Energy Efficiency lost a continuation vote at the end of February 2023. The board had six months to come up with a plan for what to do next. As at 31 March 2023, the fund had: 38 private investments across Germany, Italy, Spain and the UK, valued at about £62.6m, and with investment maturity […]
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02 May 2023 3 min read
Aquila Energy Efficiency Trust closes out tough year
Aquila Energy Efficiency Trust (AEET/AEEE) announced its annual results for the year-end 31 December 2022. Company NAV was flat for the year however shares fell -23.5%. The principal contributor to the decrease in NAV was the payment of £2.25m in respect of two dividends in the six months ended 31 December 2022. These payments were […]
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15 Mar 2023 1 min read
QuotedData’s morning briefing 15 March 2023
Volta Finance Limited announced its first interim dividend for the financial year commencing 1 August 2022. The quarterly interim dividend of €0.13 per share is payable on 27 April 2023 amounting to approximately €4.76m, equating approximately to an annualised 8% of net asset value. Aquila Energy Efficiency Trust PLC has announced the appointment of Stifel Nicolaus […]
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03 Mar 2023 1 min read
QuotedData’s weekly news show 3rd March 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Aquila Energy Efficiency (0:26) • Princess Private Equity (5:51) • Triple Point Social Housing REIT (8:26) Andrew McHattie looked at the significant share price […]
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01 Mar 2023 2 min read
QuotedData’s morning briefing 1 March 2023
In QuotedData’s morning briefing 1 March 2023: Aquila Energy Efficiency (AEEE/AEET) did fail its continuation vote (as flagged 27 August). By 28 August 2023 (six months after the meeting), the directors will recommend to shareholders whether the company be reconstructed, re-organised or placed into liquidation, having explored all options and determined the best solution including […]
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27 Feb 2023 1 min read
Aquila Energy Efficiency fails continuation vote
Following the deadline on 24 February 2023 for receipt of forms of proxy in respect of the upcoming meeting on 28 February 2023, Aquila Energy Efficiency has announced the result of the proxy votes cast as at 2 p.m. on 24 February 2023. Votes over a total of 46,553,793 (about 55.58% of total votes cast) […]
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13 Feb 2023 1 min read
QuotedData’s morning briefing 13 February 2023
In QuotedData’s morning briefing 13 February 2023: Aquila Energy Efficiency (AEET) is holding a continuation vote on 28 February. A meeting has been convened for that date. [The continuation vote was brought forward from 2025. The shares are trading on a 32% discount (this has been widening again in recent weeks) and the trust is […]
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30 Jan 2023 2 min read
Aquila Energy Efficiency commitments surpass IPO proceeds
Aquila Energy Efficiency Trust (AEET) has provided an update on its progress in the commitment and deployment of capital since its last trading update, published on 20 December 2022. Investment commitments have increased by £13.4m to £100.7m, which exceeds the £98m net proceeds raised at AEET’s initial public offering (IPO). AEET says that this is […]
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20 Dec 2022 2 min read
Aquila Energy Efficiency shows progress but there’s a way to go yet
Aquila Energy Efficiency Trust says that its commitments to investments were £87.3m as at 19 December 2022, up from £55.5m at 31 August 2022. Total income-generating, deployed capital has increased to £54.4m (31 August 2022: £32.1m). The company is expected to achieve an average gross unlevered project yield of 8.0% over all investments made to […]
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15 Sep 2022 2 min read
QuotedData’s morning briefing 15 September 2022
In QuotedData’s morning briefing 15 September 2022, the news is dominated by interim results statements: Downing Renewables and Infrastructure (DORE) has made a great start to the year as it reports an NAV of 115.9p at end June 2022 and a total return for the first six months of the year of 14.1%. The portfolio […]
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25 Jul 2022 2 min read
QuotedData’s morning briefing 25 July 2022
In QuotedData’s morning briefing 25 July 2022: Aquila Energy Efficiency (AEET) has committed a further £8.3m of which £3.9m has been deployed in a project including a cluster of 32 energy efficiency projects for small residential buildings and condominiums qualifying for the Italian Superbonus incentive scheme. It has also committed to three transactions in Spain, […]
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24 Jun 2022 8 min read
Aquila Energy Efficiency results address disappointing deployment
Aquila Energy Efficiency Trust (AEET) has announced its final results for the year ended 31 December 2021, during which it provided NAV and share price total returns of -0.6% and -4.3% respectively. AEET’s chair, Miriam Greenwood OBE DL, says that despite the optimism at the time of AEET’s flotation in June 2021, deployment of monies […]
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22 Apr 2022 1 min read
QuotedData’s weekly news show 22nd April 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Aquila Energy Efficiency • Petershill Partners • NextEnergy Solar This week’s interview was with Viktor Szabó from abrdn Latin American Income Fund – watch […]
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21 Apr 2022 2 min read
Aquila Energy Efficiency wants to push on
Aquila Energy Efficiency wants to push on – the company has concluded its strategic review and the board has decided that “whilst certain changes are required to enable the investment adviser to execute on the company’s investment strategy, the market opportunity for energy efficiency investments located in Europe remains attractive, particularly in the context of […]
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04 Feb 2022 1 min read
QuotedData’s weekly news show 4th February 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew, Richard Williams and Andrew McHattie covered the week’s top stories: • Aquila Energy Efficiency • Triple Point Energy Efficiency • GCP Co-Living This week’s interview was with Sebastian Lyon of […]
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31 Jan 2022 2 min read
Aquila Energy Efficiency to review investment strategy as it announces range of new investments
Aquila Energy Efficiency to review investment strategy as it announces range of new investments – Aquila Energy Efficiency (AEET) has announced plans to conduct a review of its investment strategy to ascertain how best to accelerate deployment, while maintaining the trust’s credit criteria and return objectives. An update will be provided to shareholders on the […]
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03 Sep 2021 2 min read
QD view – Something in the water
This week saw two companies announce their intentions to float: Blackfinch Renewable European Income (BRET) with a fundraising target of £300m and Responsible Housing REIT which is looking to raise up to £250m. This follows eight other investment trusts across a broad range of sectors and mandates that have already launched this year, five of […]
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In The Press
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22 Oct 2024 1 min read
Shuttered infrastructure trusts struggle in buyers’ market
by Val Cipriani, Investors Chronicle, October 21, 2024: Packing up the house always takes longer than you think. For investment trusts that have started the winding-up process, clearing the portfolio can be long and complicated, especially when illiquid assets need to be offloaded. Earlier this month, beleaguered infrastructure trust Digital 9 Infrastructure (DGI9), which is […]
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28 Feb 2023 1 min read
Future of Aquila Energy Efficiency uncertain as investors look set to vote against continuation
Valeria Martinez, Investment Week, 28 February 2023: The Aquila Energy Efficiency trust looks set to fail its continuation resolution, as over half of proxy votes cast so far have come against it. In a London Stock Exchange announcement yesterday afternoon (27 February), the company revealed that votes representing 83,768,843 shares (83.8% of share capital) had […]
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1 min read
Aquila Energy jumps as investors vote against continuation
BY GAVIN LUMSDEN, Investment Trust Insider, 28 Feb 2023: A majority of proxy votes have gone against Aquila Energy Efficiency Trust (AEET) which looks to fail its continuation vote today. Shares in the £70m renewables fund jumped 6.5% yesterday afternoon, narrowing its wide discount to 19%, after the company announced that 55.6% of votes cast […]
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05 Dec 2022 1 min read
Clearer picture, calmer nerves for renewables?
James Carthew of QuotedData for Investment Week, 5 December 2022: Shifting sentiment has led to a widening of discounts to net asset value across many parts of the investment companies’ industry. One of the more unexpected deratings has occurred within the renewable energy infrastructure sector, despite two thirds of these funds generating double-digit NAV returns […]
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15 Jun 2022 1 min read
Wind farms, schools and broadband: Are infrastructure investment trusts the key to inflation-busting returns?
By MIKE SHEEN FOR THIS IS MONEY 14 June 2022 Infrastructure assets have long been regarded as a go-to means of achieving inflation-beating returns and, while prices soar elsewhere, the London market may currently offer investors bargain options… Renewable energy infrastructure trusts have raised more than £1billion since the start of the year, according to […]
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14 Mar 2022 1 min read
The trusts with the biggest discount/premium changes since the crisis
Kathleen Gallagher, Investment Week, 10 March 2022: Since Russia invaded Ukraine on 24 February, investment trusts have, unsurprisingly, seen big moves in their discounts and premiums, this is leading to some trusts looking expensive and others starting to look more appealing. The figures from the Association of Investment Companies and Morningstar excluded those with large […]
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17 Jan 2022 1 min read
Investment trust insider on energy efficiency
Investment trust insider on energy efficiency – James Carthew: The mixed fortunes of energy efficiency Many strands must come together if we are to achieve our goal of cutting carbon emissions to net zero. The renewable energy infrastructure sector is central to this, but we need to do more than shift to renewable energy generation. […]
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15 Nov 2021 2 min read
The alternative trusts allowing investors to capture new trends
Investment trusts enjoy record year for fundraising as they back a new wave of innovation November 11, 2021, Investors Chronicle, By Mary McDougall Investment trust fundraising amounted to £11.4bn in the first 10 months of the year, a record for the ancient fund structure which is now financing a new wave of innovation. Most striking is the […]
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25 Oct 2021 1 min read
Backing the winners in Boris Johnson’s £1trillion green gamble
Turn net zero into net profit! By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY 23 October 2021 As we prepare for a winter of sky-high energy prices, the question of how to heat our homes is understandably on many of our minds. It is a major issue for the Government, too. The country’s housing stock is old […]
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07 Jun 2021 1 min read
Investment trust insider on energy efficiency
Investment trust insider on energy efficiency – James Carthew: Aquila launch shows energy efficiency income building up steam Last week saw the fifth successful investment company flotation of 2021 with the launch of Aquila Energy Efficiency Trust (AEET). The £100m the initial public offer (IPO) raised was less than its £150m target, but matched the money […]