Aquila Capital
Aquila Capital is a Swiss-based platform comprising an association of independent asset managers and family offices that operate autonomously to manage client assets.
Funder analysis
Web-researched analysis· 25 Jul 2026· v7What they fund
- Operational renewable energy assets — 170MW PV pipeline in Portugal acquired in 2017, with construction completed by end of 2018 [2]., - Hydropower expansion — Financed European hydropower expansion in 2018 in partnership with a Dutch pension investor [1]., - Utility-scale solar pipelines — Partnered with FNSF Ltd in 2022 to build a 1GW pipeline of solar plants in New Zealand [1]., - Residential real estate — Initiated AQ Acentor, a Spanish residential real estate company [1].
Investment thesis
Aquila Capital operates as a platform of independent asset managers and family offices in Switzerland, prioritizing entrepreneurial independence and acting solely in the interest of clients without conflicts of interest.
- Real assets and sustainable investments — focuses on decarbonization of infrastructure, including solar, wind, hydropower, and forestry [1].
- Institutional and private capital — manages over €14.7 billion for institutional investors and offers vehicles for wealthy private investors [1].
- Global reach with European strength — active across EMEA and APAC, with significant deployments in Southern Europe and New Zealand [1].
- Long-term income generation — secures stable income through long-term power purchase agreements (PPAs) and operational assets [2].
Interconnection: The focus on real assets and long-term PPAs dictates a preference for operational or near-operational assets over early-stage development.
Value add
Aquila Capital provides strategic advisory services, particularly for listed vehicles like Aquila European Renewables (AER), and structures complex financing facilities such as the €1 billion EIB-backed build-to-sell facility for Aquila Clean Energy [1].
Fit verdict: Suitable for institutional investors and family offices seeking exposure to tangible, income-generating real assets with a strong sustainability mandate.
Founder diligence script:
- How do you structure PPAs to mitigate merchant risk in volatile energy markets?
- What is your typical equity check size for a 100MW+ solar project in Southern Europe?
- How do you coordinate between Aquila Capital (investment management) and Aquila Clean Energy (development)?
- What is your track record in managing co-investment with pension funds and banks?
Portfolio focus
- Aquila European Renewables (AER) — Listed on the London Stock Exchange and Euronext Dublin, raised €154.3 million in its 2020 IPO [1]., - Aquila Clean Energy — Bundled clean energy development capacities in 2021, securing a €1 billion financing from the EIB in 2022 [1]., - AQ Compute — The firm's data centre business, part of the Aquila Group structure [1]., - AQ Ampere — The solar PV greenfield development arm of the group [1].
Notable investments & exits
- Aquila European Renewables (AER) IPO — Raised €154.3 million in May 2020, listed on the London Stock Exchange and Euronext Dublin [1]., - Daiwa Securities investment — Daiwa Securities acquired a 40% stake in Aquila Capital in 2019, marking a significant minority exit for early investors [1].
Strategic implications
Aquila Capital's edge lies in its ability to structure large-scale, bankable renewable energy projects with long-term PPAs, leveraging its regulated AIFM status and strong institutional relationships. Interconnection: This focus on operational assets and complex financing limits its ability to engage with early-stage startups, positioning it as a late-stage capital provider for infrastructure. The firm's risk is tied to regulatory changes in energy markets and the execution risk of large-scale development projects, as seen in the New Zealand solar pipeline opposition. A signal to watch is the performance and market reaction of Aquila European Renewables (AER), which serves as a public benchmark for the group's investment strategy.
Where they could go further
Aquila Capital could expand its focus on energy storage and grid modernization assets to complement its renewable energy portfolio, addressing intermittency challenges. The firm could develop more structured co-investment vehicles for family offices, leveraging its platform model to attract smaller, accredited investors. Aquila Capital should enhance its transparency around ESG metrics and impact reporting, given its strong sustainability mandate and institutional investor base. The firm could explore partnerships with technology providers to integrate AI and data analytics into its asset management operations, improving efficiency and performance.