27 June 2022

Aquila European Renewables Income Fund plc

Update - Albeniz Energisation Completed and First Project Revenue Recorded

Aquila European Renewables Income Fund plc ("AERIF" or "the Company"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH (the "Investment Adviser") is pleased to announce that its Albeniz project has recently reached an important milestone. With energisation completed, the asset is now fully operational and producing revenue.

Albeniz is a 50 MWp solar PV project located in the south of Spain, in which AERIF acquired a 100% interest in December 2020. The asset is expected to have an operating life of 30 years after commissioning. Albeniz benefits from Power Purchase Agreements covering 80% of P50 production with Statkraft over a term of approximately five years. Albeniz represents the Company's largest single investment, equating to approximately 14.6% of portfolio fair value as at 31 March 2022.

Final project commissioning is contingent upon the issuance of a Provisional Acceptance Certificate and approvals from the grid operator and authorities, which are expected to be achieved by Q3 2022.

Albeniz is expected to provide 95.9 GWh of renewable electricity annually over its lifetime, representing approximately 110.7 kt of CO₂ equivalent avoidance[1].

A video showcasing the construction and other features of Albeniz can be found on AERIF's website. A link to AERIF's website is included at the end of this announcement.

Commenting on today's announcement, Ian Nolan, Chairman of the Company, said: "We are pleased to reach such a significant milestone for Albeniz, just in time for summer. Albeniz will help balance the portfolio's production levels during the summer months and directly contribute to dividend cover in 2022."

Update - The Rock

As noted in the Company's 2021 Annual Report, the appraisal case concerning the local reindeer district and The Rock was scheduled to be heard before the Helgeland District Court in May 2022. The court hearing was postponed in order to allow more time for the parties to prepare for the court proceedings. Due to the limited availability of Helgeland District Court members to hear the case in 2022, the appraisal case has been rescheduled to 30 May 2023.

Based on legal advice received, the Investment Adviser continues to believe the chances of The Rock losing its licence are low. Following appeals to injunctive relief cases started by the local reindeer district in late 2020 and lost by the local reindeer district in 2021, the Norwegian Ministry of Petroleum and Energy ("MPE") reconfirmed that the facility licence for The Rock is still valid. In April 2022, the MPE announced that it intended to join the appraisal case and defend the facility licence.

Since finishing construction of The Rock in December 2021, works have been focused on the energisation of the turbines, which has been delayed due to adverse weather conditions and limited accessibility to the site. Currently 65 out of 72 turbines are energised and have started producing electricity. The remaining turbines are expected to be fully energised shortly. As noted in the Company's 2021 Annual Report, takeover was expected to take place during the second quarter of 2022. However, due to unfavorable weather conditions experienced even during the summer period, the Investment Adviser expects takeover to take place during the third quarter of 2022.

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