Outlook

In addition to identifying new investment opportunities, the fund supports the asset managers of the 21 renewable energy projects in the portfolio by exploring potential re-powering opportunities and, where appropriate, developing those opportunities. Re-powering means upgrading existing projects with new technology, thus improving and increasing their generation capacity. The fund presently supports a feasibility study relating to several wind projects in the Netherlands and Germany.

Actual developments in the power markets and their impact on both the revenues of projects in portfolio and the investment prospects are monitored closely. In the medium term, the fund does not anticipate a recovery of power prices. It is difficult to predict how the outcome of the US elections will impact the fight against climate change and in particular the European renewable energy sector. The fund continues to pursue a balanced portfolio, mitigating price risks where possible. Due to the strong cash yield of the fund and net inflow from investors in 2016, liquidity was higher than at the end of 2015. The current liquidity position provides a strong basis for new investments in 2017.

In 2017, the fund will focus on leveraging its long-term relationships with its current business partners in both the onshore wind and solar sectors, including several re-powering opportunities. Furthermore, the fund aims to diversify its portfolio in terms of geography, development phases and technology.

Triodos Renewables Europe Fund plans to seek further investment from both existing and new investors in 2017 to support its growth ambitions. Investing in new projects will diversify its income streams with a view to enhancing returns, whilst continuing to contribute to improving the sustainability of the European energy system.

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