During 2014, Triodos Renewables Europe Fund’s net assets increased to EUR 62.0 million (2013: EUR 58.0 million). As of 31 December, 2014, 79.9% of the fund’s net assets were invested (2013: 83.8%). At year-end, Triodos Renewables Europe Fund held investments in 20 different renewable energy projects. The fund invests directly in renewable energy 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 223 MW (2013: 244 MW). Altogether, these projects generated approximately 413 GWh in 2014 (2013: 484 GWh), providing more than 118,000 households with clean energy, which equates to a reduction in CO2 emissions of approximately 148,000 tonnes per year. As the fund divested its biomass projects last year, the amount of power generated and therefore the impact figures for 2014 are 14% lower than for 2013.
EUR 62 million
In 2014, the retail share classes (R and Z, the latter not charging any form of distribution fee) generated a return of respectively 3.5% and 4.1% (2013: -5.0% and -4.9%). The institutional share class generated a return of 4.1% (2013: -4.4%). Excluding the provisions relating to the financial impact of the Spanish government’s retroactive change in renewable energy project support mechanisms, the returns delivered over the last five years would have been in line with the target return range of between 5% and 7%.
Triodos Renewables Europe Fund has established a strong pipeline of investment opportunities that meet the fund’s strategy, including solar pv, hydro and onshore wind in Belgium, the UK, Germany, the Nordic region and the Netherlands. In July 2014, the fund made a follow-on investment in solar pv projects in Belgium. These solar plants are located on the rooftops of commercial buildings and have positive environmental and social impact. The fund is presently engaged in exclusive negotiations on wind assets, in which it intends to invest sometime in the first half of 2015.