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Aquila reviews future of European arm

RICHARD HEAP

February 27, 2024

Aquila Capital subsidiary Aquila European Renewables has started a strategic review of its future, including a potential merger with Octopus Renewables Infrastructure Trust.

The company confirmed yesterday that it has received a number of indications of interest in a merger of Aquila European Renewables under section 110 of the Insolvency Act 1986. It has instructed investment bank Deutsche Numis to carry out due diligence on interested parties including ORIT.

Aquila said it may give further details on the process when it reveals its annual results in April 2024, or before.

Aquila’s statement said: “Shareholders should note that the engagement with parties interested in a s110 combination with the Company is still at a relatively early stage and therefore there can be no certainty that this process will result in a combination on terms which the Board considers to be in the best interests of shareholders as a whole.”

ORIT responded to Aquila’s announcement saying that it was taking part in the strategic review but that “there can be no certainty that a transaction between ORIT and AERI will result from the process”.

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