Aquila European Renewables Income Fund (AERIF) has announced that it has arrived at a contractual close regarding the increase in its existing revolving credit facility (RCF) limit from EUR40 million (US$42.06 million) to EUR 100 million (US$105.15 million). The RCF maturity date has also been extended by a further 12 months from April 2023 to April 2024.

The fund has been discussing with RCF lenders the exercise of both the accordion and extension option to prudently accommodate existing funding commitments of over EUR120 million (US$126.18 million) and provide funding flexibility for further pipeline opportunities.

The fund has successfully exercised both the accordion and extension options, highlighting that:

• a further EUR50 million (US$52.57 million) accordion option (subject to bank consent) has been agreed upon with RCF lenders (increasing the total RCF facility limit to EUR150 million (US$157.73 million));
  
• a further one-year extension option to April 2025 remains (subject to bank consent);
• the RCF margin (1.85% over EURIBOR) and commitment fee remain unchanged;
• the bank group is unchanged and consists of ING Bank N.V. (ING) and Royal Bank of Scotland International Limited (RBSI).