8 June 2022

Aquila European Renewables Income Fund plc

Revolving Credit Facility Increase to EUR 100 million

Aquila European Renewables Income Fund plc ("AERIF" or "the Company"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH (the "Investment Adviser"), today announces that it has reached contractual close in relation to an increase in its existing revolving credit facility ("RCF") limit from EUR 40 million to EUR 100 million. In combination with the increase, the RCF maturity date has been extended by a further 12 months from April 2023 to April 2024.

The RCF was first implemented in April 2021 and was structured to provide additional flexibility, including:

·    an accordion option which enables the Company to upsize the facility limit from EUR 40 million to EUR 100 million; and

·    an extension option, which allows the RCF tenor to be extended by a further two years.

As announced on 16 May 2022, in combination with the acquisition of Tiza, the Company has been in discussions with RCF lenders to exercise both the accordion and extension option, in order to prudently accommodate existing funding commitments of over EUR 120 million[1] (Greco and Tiza) and provide funding flexibility for further pipeline opportunities.

The Company has successfully exercised both the accordion and extension options, noting that:

·    a further EUR 50 million accordion option (subject to bank consent) has been agreed with RCF lenders (increasing the total RCF facility limit to EUR 150 million);

·    a further one year extension option to April 2025 remains (subject to bank consent);

·    the RCF margin (1.85% over EURIBOR) and commitment fee remain unchanged; and

·    the bank group is unchanged and consists of ING Bank N.V. ("ING") and Royal Bank of Scotland International Limited ("RBSI").

Taking into account the increased RCF limit, AERIF's existing cash on hand and deducting future funding commitments, AERIF has surplus capital of approximately EUR 40 million[2] remaining (excluding the additional EUR 50 million RCF accordion option).

Commenting on today's announcement, Michael Anderson, Senior Manager at Aquila Capital, the Investment Adviser: "We believe the commitment from ING and RBSI is a strong endorsement of the quality of the Company's existing portfolio and investment strategy, as well as the broader relationship. We thank the banks for their ongoing support."

Diederik van den Berg, Global Lead Renewables & Power from ING, said: "We are delighted to be able to support AERIF in its next chapter of growth, as it further expands and develops its renewables platform. The transaction is another tangible example of ING's Terra approach, by which ING steers its loan book towards keeping the rise in global temperatures to a maximum of 1.5 degrees Celsius."

Commenting on today's announcement, Brad Mitchell, Director of Institutional Banking at RBSI: "We are delighted to further extend our support to AERIF and provide additional liquidity over an extended tenor to aid their growth plans in a sector that is so closely aligned to NatWest Group's Purpose."

Ends

For further details contact:

Media Contacts

Edelman Smithfield

Ged Brumby 07540 412301

Kanayo Agwunobi  07581 010560

Sponsor, Broker and Placing Agent

Numis Securities 020 7260 1000

Tod Davis

David Benda

Vicki Paine

European Broker

Kempen & Co +31 20 348 8000

Maarten de Zeeuw

Kathrin Erfurth

Robin van Wijk

NOTES

Aquila European Renewables Income Fund plc 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.

www.aquila-european-renewables-income-fund.com