4 November 2021

Aquila European Renewables Income Fund plc

Net Asset Value and Factsheet - September 2021

Aquila European Renewables Income Fund plc (the Company), a Euro income fund, announces its unaudited net asset value ("NAV") as at 30 September 2021, on a cum-income basis, was EUR 410,386,531 or 101.03 cents per ordinary share.

Further details will shortly be available in the quarterly factsheet on the Company's website at: https://www.aquila-european-renewables-income-fund.com.

For further details contact:

Media contacts:

Smithfield Consultants

Ged Brumby | 020 3047 2527

John Kiely | 020 3047 2538

Andrew McLagan | 020 3047 2006

Corporate Broker

Numis Securities 020 7260 1000

Tod Davis

David Benda

Vicki Paine

Joint Financial Advisor

Kempen & Co +31 20 348 8000

Thomas ten Hoedt

Michiel Klomp

Robin van Wijk

NOTES

Aquila European Renewables Income Fund ("AERIF" or the "Company") is a recently established, London-listed renewable energy infrastructure investment company with the aim to provide investors with an attractive long-term, income-based return in EUR through a diversified portfolio of hydropower, wind and solar PV investments across continental Europe and Ireland. Through the diversification of generation technologies, the seasonal production patterns of these asset types complete each other to balance the cash flow, while the geographic diversification serves to reduce exposure to one single energy market. AERIF is targeting an aggregate annual yield of 5.0% once fully invested.