CMS advises on Aquila European Renewables Fund IPO

International law firm CMS has advised on the successful initial public offering and €155m fund raising for Aquila European Renewables Income Fund plc, managed by Aquila Capital, the alternative asset management division of Aquila Group.

The Fund is to be listed on the premium segment of the London Stock Exchange and is designed for investment in a balanced portfolio of renewable energy assets, including hydropower, across continental Europe and Ireland.

A multijurisdictional CMS team, led by partners Cathy Pitt and Kristy Duane, advised the Fund. They were ably supported by Jennifer Gray, Jas Randhawa and Zina Patel (Corporate), Aquila relationship partner, Daniel Voigt (CMS Frankfurt), David Rivera (US Securities), Reinout Slot and Clair Wermers (CMS Amsterdam) and Vivian Walry (CMS Luxembourg).

In the same week, CMS also advised Sequoia Economic Infrastructure Income Fund Limited on its £216m placing and open offer.

Kristy Duane comments: “We have a long history of advising UK listed infrastructure and renewables funds. Our team’s work on the Aquila fundraising is a great example of our market-leading position advising on IPOs in the UK, and an endorsement of our sector strengths in renewables and investment funds.”

The firm recently secured the no 1 spot by transaction value in Inspiratia’s Q1 2019 legal adviser rankings for renewables in Europe, having advised on approximately £3bn of transactions across the sector in the first three months of this year.