Aquila European Renewables Income Fund PLC (LSE:AERS) (AERS) has announced its first revenue from 'The Rock'. With 72 turbines and a 400 MW capacity, it will be one of the largest wind farms in Europe.
An estimated 1.3 TWh of renewable electricity is expected to be produced each year, which is equivalent to approximately 412 kt of CO2 avoided each year.
In June 2020, AERS acquired a 13.7% stake in The Rock.
The Rock project company has been entitled to 50% of any revenue generated (AERIF's look-through share, approximately 6.9%) from January 1 2022 to the date the project becomes commercially operational.
Commercial operations are expected to begin in Q2 2022 (previously Q1 2022), because of severe winter weather conditions, including low temperatures, heavy snowfall and wind speeds exceeding 40m/s in some instances, which have adversely affected ongoing projects on the site.
Weather conditions have forced the site to close in January and February, slowing down the process, the company said.
Upon commissioning, most of the wind farm's power will be sold to Alcoa (NYSE:AA) aluminum, a local employer which has a 15-year power purchase agreement in place.