At year-end 2017, Triodos Renewables Europe Fund held investments in 21 different renewable energy projects. The fund invests directly in these projects through equity participations, shareholder loans and/or subordinated loans. The total generation capacity of the projects in which the fund has invested is 244 MW (2016: 229 MW).

The fund made two new investments during 2017. In the third quarter, the fund successfully closed an investment in a 15.1 MW ground-mounted PV plant located in Wiltshire, the United Kingdom (UK).

With this second investment in solar energy production in the UK, Triodos Renewables Europe Fund added a sizeable PV asset to its portfolio. The investment in this PV plant fits with the fund’s strategy to co-operate with developers who are active in several countries.

The fund also invested in a 5,6 MW windfarm in Germany, near the town of Amöneburg. The farm consists of two GE 2.75-120 wind turbines, manufactured by GE Windenergy GmbH. Each turbine has an installed capacity of 2.78 MW and a rotor diameter of 120 meters. The wind farm was acquired from juwi Energieprojekte GmbH, which is part of juwi group, one of the world’s leading companies in renewable energy. The project has been fully operational since October 2017. The two wind turbines annually produce more than 15 GWh, which equals the annual electricity demand of around 5,000 German households, roughly the number of inhabitants of nearby village Amöneburg. The wind farm realises a reduction in CO2 emissions of approximately 12,000 tonnes and as such makes a significant contribution to Triodos Renewables Europe Fund’s aim to contribute to the reduction of CO2 emissions.

The fund’s portfolio of renewable energy assets is geographically diversified across seven European countries, thus mitigating the fund’s exposure to country and regulatory risks. A substantial part of the fund’s revenues is derived from regulatory support; the remainder comes from electricity sales. Whilst EU policies support the proliferation of renewable energy and the use of regulations to achieve this, at a national level support is delivered through a variety of mechanisms. Maintaining exposure to a range of countries mitigates the risk of the fund’s performance being materially impacted by changes in national support mechanisms. Regulatory changes in 2017 in countries where the fund is invested did not have a negative impact on any of the projects in the fund’s portfolio.

In December 2017, the fund instigated a claim against the government of Spain for compensation of the financial losses it incurred between 2010 and 2014, following the retroactive changes in the Spanish regulatory regime. The arbitration claim is estimated to take several years until an award is potentially granted and ultimately received. Given the lengthy process and the uncertainty of the outcome of the claim, no value will be attributed to filing the claim at this stage.

Fund data, December 31, 2017

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Shareholder loans are classified as equity investments. A project can comprise multiple equity investments and/or subordinated loans.



Net assets

EUR 69,112,607

Portfolio value

EUR 59,168,432

Number of equity investments*


Number of subordinated loans*


Number of projects


Number of countries




Asset allocation (% of fund’s net assets), December 31, 2017

Asset allocation (% of fund’s total assets) (pie chart)

Country allocation (% of fund’s net assets), December 31, 2017

Country allocation (% of fund’s total assets) (pie chart)

* The investment in Italy was made through a Dutch parent company.

Sector allocation (% of fund’s net assets), December 31, 2017

Sector allocation (% of fund’s total assets) (pie chart)

Solar PV projects, both ground-mounted and rooftop solar systems, accounted for 47.1% of the fund’s net assets as at December 31, 2017. Onshore wind accounted for 38.5% of the fund’s net assets as at December 31, 2017. On average, the solar PV projects performed slightly better than expected in 2017. Based on a portfolio value-weighted average, wind speeds were lower than expected, even if 2017 was a better wind year than 2016. All in all, the fund’s weighted average portfolio discount rate decreased to 7.6% as at the end of 2017 (2016: 8.0%). This was due to the continued low interest rate environment.

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