ASR Renewable Infrastructure Debt Fund A

Investment objective & Investment Policy

The Fund offers Participants the opportunity to invest in Renewable Infrastructure Loans, which are offered to project companies based in selected European jurisdictions and the United Kingdom, active in the business of constructing and/or operating renewable energy infrastructure projects and/or any related business that are aimed at or contribute to the ‘energy transition’ that meet all criteria and standards under the Taxonomy Regulation. The Fund is offering the chance to diversify investment portfolios given the generally low correlation of renewable infrastructure debt investments with traditional asset classes and therefore allowing Participants to enhance the risk return profile of their overall investment portfolio. The Fund allows Participants to actively contribute to the energy transition theme in a scalable manner.

• The Fund's investment policy is to make, hold and manage investments in Renewable Infrastructure Loans as far as reasonably possible meet the criteria and standards as set out in the Taxonomy Regulation; which includes, among others, projects regarding offshore and onshore wind, solar and/or hydrogen and (battery) storage. The Renewable Infrastructure Loan in which the Fund invests (i) may be originated by the Custodian (bilaterally or in a syndicate) , (ii) or may be originated by a third party.

• The Fund will invest in Renewable Infrastructure Loans which are granted (i) to companies with registered office in, and/or (ii) in relation to projects located in The Netherlands, Belgium, Luxembourg, Germany, Italy, France, Denmark, Finland, Ireland, Austria, Spain, the United Kingdom, Sweden, Liechtenstein, Norway and Switzerland.

• The Fund invests in Renewable Infrastructure Loans granted to companies operating in a range of renewable energy technologies including but not limited to: on- and offshore wind, solar generation and new technologies such as (battery) storage, hydrogen, floating offshore wind.
• The Fund invests in Renewable Infrastructure Loans denominated in Euro only.
• The Fund invests in Renewable Infrastructure Loans that are not in arrears.
• The Fund aims to invest in fully drawn facilities, provided, however that the Fund may invest from time to time in facilities including ancillary facilities that have an undrawn nature.
• At least 90 percent of the aggregate principal amount of Renewable Infrastructure Loans in which the Fund invests will at the time of investment by the Fund be ranked as the most senior loan(s) to the project company. It cannot be excluded that during the life of a Renewable Infrastructure Loan, following a special situation in relation to such Renewable Infrastructure Loan, the Fund Manager, acting in the interest of the Participants, can make or agree to amendments of the terms of conditions of the loan including adjusting the margin, maturity date, redemption scheme, seniority, outstanding amount and other conditions.
• Maximum 10 percent of the aggregate principal amount of Renewable Infrastructure Loans in which the Fund invests will at the time of investment by the Fund be junior or mezzanine loans. It cannot be excluded that following the investment in a Renewable Infrastructure Loan, the Fund Manager can in view of the Participants interests, following a special situation of a Renewable Infrastructure Loan in the Fund, make or agree to amendments of the terms of conditions of the loan (in the context of adjusting the margin, maturity date, redemption scheme, seniority and outstanding amount).
• The Fund Manager may draw Outstanding Subscription Amounts, in whole or in part, to make Special Situation Investments.
• The Fund intends to hold each investment until the maturity date.
• The Custodian of the Fund (Stichting Juridisch Eigenaar ASR Renewable Infrastructure Debt Fund) is lender of record for all the Fund’s investments.
• The maximum weighted average life of the portfolio of Renewable Infrastructure Loans shall be 12 years.
• The Fund will predominantly invest in Renewable Infrastructure Loans with floating interest rates.
• The Fund may invest in amortising, sculpted or fixed loan repayment structure. The Fund may invest in Renewable Infrastructure Loans that may be prepaid by borrowers without make whole.
• The Fund shall target a minimum investment of twenty million euro (EUR 20,000,000) and maximum of one-hundred and fifty million euro (EUR 150,000,000) per Renewable Infrastructure Loan.
• The Fund applies the ESG Policy and the requirements of Annex 5 (ESG) to contribute to the objectives of the Paris Climate Agreement by aiming to invest exclusively in projects that as far as reasonably possible support the energy transition and the objectives of the EU Green Deal.
• The Fund may not engage in or enter into securities lending transactions, use leverage, derivatives and/or FX transactions.
• The Fund will in principle not use leverage. However, the Fund Manager may decide to attract debt in the form of short term working capital and/or a temporary overdraft (roodstand), subject to the terms as specified in the Terms and Conditions and the Information Memorandum. Such debt will only be used for a maximum of five percent (5%) of the sum of the (i) Fund Assets and (ii) the Outstanding Subscription Amounts of all Subscribers.
• The aim is to construct a diversified portfolio for the Fund, with at least seven (7) different borrowers, whereby borrowers who are Affiliates are counted as one borrower, measured from the second (2nd) anniversary of the Fund Launch, provided that in certain circumstances, seven different borrowers may not be achievable.
• The Fund does not follow a benchmark.
• The Fund will invest in Renewable Energy Loans to borrowers located in Spain and Italy for a maximum aggregate percentage of 25% of the Fund’s size.
  
  

  Fees

The Fund Manager charges (i) a yearly Management Fee of thirty-five basis points (0.35%) of the yearly average of the Net Asset Value and (ii) a yearly Servicing Fee of 5 basis points (0.05%) of the yearly average of the Net Asset Value, and (iii) an Upfront Management Fee of 50% of the net upfront fees received by the Fund in connection with a new investment in a Renewable Infrastructure Loan. Both the Management Fee and the Servicing Fee are accrue on a monthly basis with respectively (i) 1/12 of (A) thirty-five basis points (0.35%) of the yearly average of the Net Asset Value and (ii) 1/12 of five basis points (0.05%) of the yearly average of the Net Asset Value, each calculated on the last Business Day of the calendar month concerned. The Management Fee and the Servicing Fee are payable on a monthly basis and are due on every sixth (6th) Business Day of the calendar month following the end of the month to which it pertains.