At year-end, 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 229 MW (2015: 226 MW).

The fund made several new investments. In the fourth quarter of 2016 the fund increased its stake in Dutch wind farms Neeltje Jans and Zeeland I, by purchasing part of the shares held by DELTA, one of the partners in the joint venture that owns both wind farms. The remainder of DELTA’s shares was bought by co-shareholder E-Connection. As a result, DELTA is no longer shareholder in the joint venture. The investments in these wind farms fit in with the fund’s strategy to expand its share in existing projects and strengthen existing partnerships.

The fund also invested in a 2.3 MWp rooftop solar plant at the Heineken brewery in Massafra, in southern Italy. The fund was able to leverage its relationship with long-term partner SolarAccess, a Dutch renewable energy supplier. Following the installation of an additional 8,800 solar panels, the total installed capacity of the plant is 3.3 MWp, making it the largest solar PV project on a beer brewery worldwide. Due to its location in southern Italy, energy production will be relatively high and will be equivalent to the annual electricity demand of approximately 1,850 Italian households. The solar project reduces CO2 emissions by 1,722 tonnes and as such makes a significant contribution to Heineken’s objective of reducing its CO2 emissions across the value chain. The solar plant was completed at the end of 2016.

The fund’s portfolio of renewable energy assets is geographically diversified across seven European countries, spreading 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 countries where the fund is invested did not have a negative impact on any of the projects in the fund’s portfolio.

Fund data, December 31, 2016

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



Total assets


Net assets


Portfolio value


Number of equity investments*


Number of subordinated loans*


Number of projects


Number of countries




Asset allocation (% of fund’s total assets),
December 31, 2016

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

Country allocation (% of fund’s total assets),
December 31, 2016

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

* The investment in Italy is done through a Dutch parent company.

Sector allocation (% of fund’s total assets),
December 31, 2016

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

Solar Photo-Voltaic projects, both ground-mounted and rooftop solar systems, accounted for 54.6% of the fund’s portfolio value. Onshore wind accounted for the remaining 45.4%. On average, the solar PV projects performed slightly better than expected in 2016. Based on a portfolio value-weighted average, wind supply was significantly lower than expected, due to lower-than-expected wind speeds. The fund continues to review opportunities for investments in small to medium-sized hydro power, geothermal storage and tidal projects, in addition to wind and solar PV projects. All in all, the fund’s weighted average portfolio discount rate decreased to 8.0% as at the end of 2016 (2015: 8.6%). This was due to the continued low interest rate environment.

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