23rd Sep 2025 17:38
(Alliance News) - Aquila Energy Efficiency Trust PLC on Tuesday said its net asset value fell in the first half of the year as part of the managed run-off of the company.
The London-based closed-ended investment company, focusing on small to medium-sized energy efficiency projects said its NAV per share at the end of June was 50.15 pence, down 41% from 85.55p at the end of 2024.
However, this primarily reflected the payment of a 36.84p per share dividend as part of the strategy to return capital to shareholders as part of the managed run-off, the firm noted.
After adjusting for the dividend, NAV per share returned 1.7% over the six months to the end of June, compared to 0.9% a year ago.
Additionally, Aquila Energy declared a dividend of 4.00p per share for the period, down 35% from 6.14p a year prior.
The GBP30.0 million dividend during the period was made following GBP500,000 and GBP7.0 million payments from the Bio-liquefied natural gas investment in Germany.
The firm also realised proceeds of GBP18.4 million after three of the five Superbonus investments in Italy were largely repaid.
Investment income for the period was GBP1.9 million, down 42% from GBP3.3 million last year.
"The board continues to very actively seek and assess opportunities to realise capital through the sale of assets. As we have made clear in previous reports, this remains challenging as the portfolio consists of assets that are geographically diverse, small in size, contractually complex and many have lengthy maturities of between ten to eighteen years," Aquila Energy said.
"In addition, due to the managed run-off status of the company, further complexities have arisen around the realisation of and protection of value in the company's assets. The board continues to remain actively involved in negotiating terms to protect the value in the portfolio and continues to work on achieving realisations and returning capital to shareholders."
Shares in Aquila Energy Efficiency Trust closed up 4.5% at 32.40 pence in London on Tuesday.
By Michael Hennessey, Alliance News reporter
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