Aquila European Renewables Income Fund PLC raised €154.3 million in gross proceeds from its initial public offering.

"We are extremely pleased given the challenging political and economic environment to have raised nearly €155 million at launch, from high quality institutional investors. It is one of the most successful share placings by a listed fund this year and the first continental European manager in the segment," Aquila European Renewables Income Fund Chair Ian Nolan said in a May 31 statement.

The company plans to make applications for 154,304,752 ordinary shares to be traded on the London Stock Exchange's Main Market. Unconditional trading is expected to begin at 8 a.m. on June 5.

Aquila European Renewables Income Fund, advised by Germany-headquartered Aquila Capital Group, will invest in a diversified portfolio of renewable energy technologies, including wind, solar, and hydro across continental Europe and the Republic of Ireland, excluding the U.K.