16 November 2021

Aquila European Renewables Income Fund plc

Update on The Rock Project

Considering the recent ruling of the Norwegian Supreme Court on two wind farms of the Fosen Vind ("Fosen") cluster, Roan and Storheia, and in response to enquiries from investors in Aquila European Renewables Income Fund plc ("AERIF" or the "Company") to understand the relevance for the Company's portfolio holdings in Norway, in particular The Rock (or the "Project"), the Investment Adviser is providing a preliminary perspective.

In providing such initial analysis, the Investment Adviser recognises that the final implications of the Supreme Court decision in relation to the Fosen case are at this stage highly uncertain. The Supreme Court did not conclude any actions for either party involved in the Fosen case and the Roan and Storheia wind farms therefore remain in operation for the time being. Statkraft AS (the majority owner of Fosen) recently reported that an application for a renewed concession and expropriation permit will be submitted, including updated impact assessments related to the reindeer husbandry and new mitigating measures ensuring that the human rights of the involved Sami groups are respected.

The Company and the Investment Advisor generally do not comment on projects or matters unrelated to the Company's business and operations. In this instance however, the Company and its Investment Adviser are making an exception in light of the Fosen Supreme Court Ruling following inbound investor queries. All information provided in relation to Fosen is based on publicly available information.

The Investment Adviser recognises that there are important factual differences between the Fosen and The Rock cases. Most importantly, the Fosen wind farm cluster is built on a winter grazing area whereas The Rock is built on one of the existing migration routes. The Fosen case also illustrates the importance of the Supreme Court's consideration of facts and evidence, which it is too early to evaluate to the full extent at the present stage of the case. It is noted that the Supreme Court opined on two specific wind farms and in the context of their respective locations and not in a general matter about wind farms in Norway. 

The Investment Adviser recognises recent progress with The Rock and based on external legal advice, has no indication that the Fosen procedures will have any direct consequences for The Rock. In the meantime, Eolus, the developer, continues with construction on site of the Project.

The Investment Adviser, on behalf of the Company remains committed to engaging constructively with all relevant stakeholders to achieve a mutually satisfactory outcome.

For further details contact: 

Media contacts: 

Smithfield Consultants 

Ged Brumby | 020 3047 2527 

John Kiely | 020 3047 2538 

Andrew McLagan | 020 3047 2006 

Sponsor, Broker and Placing Agent  

Numis Securities 020 7260 1000 

Tod Davis  

David Benda  

Vicki Paine  

NOTES 

Aquila European Renewables Income Fund plc ("AERIF" or the "Company") is a 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, onshore 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 5.0 cents per ordinary share in relation to the financial year ending 31 December 2021, with the aim of increasing this dividend progressively over the medium term. 

Further details can be found on AERIFs website at www.aquila-european-renewables-income-fund.com.