3 October 2022

Aquila European Renewables Income Fund plc

Power Purchase Agreement Signed for Project Greco (100 MWp)

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 the Investment Adviser has secured a power purchase agreement ("PPA") for the solar PV project Jaén, which is part of the Greco solar PV portfolio.

In coordination with the Investment Advisers' Markets Management Group, Jaén has entered into a five year pay-as-produced PPA with Statkraft Markets GmbH at an attractive price, whilst hedging 70% of P50 production. The pricing terms remain confidential.

In March 2022, the Company announced the acquisition of a 100% interest in the 100 MWp Greco portfolio, comprising two solar PV facilities, Jaén and Guillena, each with a nominal capacity of 50 MWp. The portfolio is currently under construction, with Jaén expected to complete construction between late 2022 and early 2023, whilst completion of Guillena is expected during the second quarter of 2023.

The Investment Adviser will continue to explore PPA opportunities for Guillena in advance of its completion.

Ends

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