23 December 2024
Aquila European Renewables
plc
Appraisal Case Ruling in
Favour of the Project Company
Aquila European Renewables
plc ("AER" or "the Company"), the London-listed
investment company advised by Aquila Capital Investmentgesellschaft
mbH ("Investment Adviser"), is pleased to
provide the following update on the appraisal case regarding The
Rock ("the Project"), a 400 MW wind farm located in northern
Norway.
In the years leading up to and
during the construction of the Project, an extensive consultation
process has been conducted with various stakeholders, including the
reindeer herding district, involved in and affected by the
Project.
Despite dialogue and attempts to
resolve the underlying issues over time, it has not been possible
to reach an agreement. Consequently, the Project company asked the
court to determine fair compensation for these stakeholders - the
main purpose of the appraisal case. During the proceedings,
the reindeer herding district argued that the Project's licence was
invalid.
The appraisal case was heard before the Helgeland
District Court between 27 May and 13 June 2024. The decision in the appraisal case was announced by
Helgeland District Court ("Court") on 20 December 2024, where
the Court ruled in favour of the Project company, noting that the
facility licence and expropriation permit are deemed
valid.
The Court conducted a thorough assessment,
after reviewing documents, evidence and statements by witnesses in
the appraisal case. It is important to note that the reindeer
herding district is now compensated for potential additional work
and extra costs when using the migration route through the wind
park as stipulated by the Court. In this regard, the
Court ruling includes a compensation payment payable by the Project
company to the reindeer herding district of approximately
NOK 4.3m[1] ("Compensation
Payment"), of which AER's share equates to approximately NOK 590k
(equivalent to EUR 50k), which is payable imminently.
As communicated with shareholders previously, the developer
of The Rock remains responsible for handling the economic impact on
the Project company associated with the outcome of the appraisal
case.
The Norwegian Ministry of Energy has also
established a detailed list of mitigating measures that have
already made migration easier and will continue to reduce
inconveniences for the district in the future.
Note the Court decision can be
appealed.
ENDS
For
further information please contact:
Media contacts:
Edelman Smithfield
Ged Brumby 07540-412301
Hamza Ali 07676 308914
Sponsor, Broker and Placing Agent:
Numis Securities 020 7260 1000
Tod Davis
David Benda
George Shiel
http://www.aquila-european-renewables.com/
Apex Listed Companies Services (UK) Limited (Company
Secretary) +44 020 3327 9720
LEI Number:
213800UKH1TZIC9ZRP41