During 2015, Triodos Renewables Europe Fund’s net assets increased to EUR 64.1 million (2014: EUR 62.0 million). As of December 31, 2015, 86.0% of the fund’s total assets were invested (2014: 79.0%). At year-end, Triodos Renewables Europe Fund held investments in 21 different renewable energy projects, including two new investments in 2015. The fund invests directly in these projects by means of equity participations, shareholder loans and/or subordinated loans. The total generation capacity of the projects in which the fund invested is 226 MW (2014: 223 MW). Altogether these projects generated approximately 448 GWh in 2015 (2014: 413 GWh), providing just under 128,000 households with clean energy, which equates to a reduction in CO2 emissions of approximately 163,000 tonnes per year.
EUR 64.1 million
as per end of 2015
In 2015, the retail share classes (R and Z, the latter not charging any form of distribution fee) generated a return of respectively 4.1% and 4.7% (2014: 3.5% and 4.1%). The institutional share class generated a return of 4.7% (2014: 4.1%). The fund is performing in line with its long-term target of 4% to 6% per year.
The positive outcome of the Paris Climate Summit reconfirms the favourable investment outlook for the next two years. The long-term outlook continues to be positive for renewable energy. For 2016 and beyond, the fund has a strong pipeline of investment opportunities, which fit its strategy and include solar, hydro and onshore wind projects in Belgium, the UK, Germany, the Nordic region, Italy and the Netherlands. The fund has made commitments for investments in solar projects and is engaged in exclusive negotiations on wind assets, in which it intends to invest in the first half of 2016. Additionally, the fund works with its partners on ‘re-powering’ parts of its existing wind portfolio with larger wind turbines to increase the production capacity. The fund aims to further diversify its portfolio with projects in different countries and development phases to diversify country and market power price risk.