LONDON - Aquila European Renewables plc (LSE:AERW) said Monday that its investment adviser, Aquila Capital Investmentgesellschaft mbH, has not provided complete information on fees and charges related to the company’s portfolio.
The Board first requested the information on December 4, 2025, and repeated the request in writing on February 6, 2026, according to a press release statement. Aquila Capital is a wholly owned subsidiary of Commerzbank Group.
The requested information includes disclosure of all fees, charges and expenses borne by the company or its subsidiaries, amounts paid to Aquila Capital or related entities, development profits or other economic benefits connected with acquired assets, and ownership information on portfolio acquisition structures.
Aquila Capital responded on February 17, 2026, stating it was reviewing general ledgers and that certain payments were likely related to travel cost recharges, power price curve costs and domiciliation services. The adviser has not provided complete schedules, supporting agreements, invoices or ownership information requested by the Board.
The Board said Aquila Capital’s response addressed only benefits paid after the company became a shareholder in relevant special purpose vehicles. The Board’s request includes profits or economic benefits accruing to Aquila Capital or connected parties before the company’s acquisition of assets.
The company has incurred legal costs of approximately £160,000 related to an unsuccessful proposed sale to Aquila Capital of approximately half of the company’s portfolio, announced on May 14, 2026. The Board intends to request that Aquila Capital waive investment advisory fees equal to these costs.
Chairman Robert Naylor said the Board expects Aquila Capital, its Supervisory Board and Commerzbank Group to provide the requested information without further delay. The Board said it continues to explore available remedies and will consider action to protect shareholder interests.
