EUR 69.1 million

net assets
as per end of 2017

Financial results

During 2017, Triodos Renewables Europe Fund’s net assets decreased to EUR 69.1 million (2016: EUR 72.9 million). The fund closed its financial year with net operating income of EUR 1.2 million. The fund received EUR 3.1 million in dividends and interest income. In addition, the fund received EUR 2.6 million in subordinated debt repayments, resulting in a cash yield on a portfolio level of 5.8% (2016: 5.8%). Lower power price forecasts and lower-than-anticipated production led to an unrealised depreciation on investments of EUR 3.1 million (unrealised appreciation in investments 2016: EUR 0.3 million). The net result was EUR -1.6 million (2016: EUR 1.1 million).


The overall return of the fund (I-cap) in 2017 was -2.0% (2016: 1.6%). The portfolio value is calculated by forecasting the future dividends and interest received from and loan repayments made by the wind and solar PV projects. Overall, the return was negatively affected by lower power price forecasts and lower-than-anticipated production. The fund was able to offset part of this, mainly with some higher-than-anticipated cash flows from Spain. A reduced discount rate in line with the market also contributed positively to the fund’s performance. The return was negatively influenced by the lower-than-targeted investment ratio during a large part of the year. Investments made in the third and fourth quarter caused this ratio to improve to 84.5% of the fund’s net assets. The most recent investment was made in December and therefore contributed only marginally to the fund’s return in 2017.

Return based on net asset value (NAV) per share*

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Share class


return p.a.

return p.a.

return p.a.

Return p.a.
since inception


NAV per share is based on share prices as per December 28, 2017, i.e. the last price at which shares were traded in the reporting period.


The Z-share class has a limited history. Returns prior to the launch date of the Z-share class are based on the returns of the comparable R-share class.







R-cap (EUR)






I-cap (EUR)






Z-cap (EUR)













The liquidity percentage of the fund dropped to 15.5% of the fund’s net assets at year-end 2017 (2016: 22.7%). The new investments and changes in the investor base of the fund exceeded the stable cash yield from projects, resulting in a reduction in liquidity in 2017. Liquidity is considered adequate for the fund to meet its short- and medium-term payment obligations and facilitate weekly subscriptions and redemptions of its shares. The fund aims to raise additional capital in 2018 to facilitate its growing pipeline of investment opportunities.


The largest item in the cost structure of Triodos Renewables Europe Fund is the management fee paid to the AIFM, Triodos Investment Management. The AIFM uses this fee primarily to cover staff-related costs and travel expenses incurred in connection with the labour-intensive investment process. Other costs include the fees paid to RBC Investor Services Bank for their depositary and administrative services.

Triodos Renewables Europe Fund’s ongoing charges, including the management fee, amounted to 2.51% for the Z share class, 3.02% for the R share class and 2.46% for the I share class as per December 31, 2017 (2.45%, 2.97% and 2.42%, respectively, in 2016). More detailed information about management fees and ongoing charges can be found in the (PDF:) Notes to the financial statements.

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