4 November 2022

Aquila European Renewables Income Fund plc

Net Asset Value and Factsheet - September 2022

Aquila European Renewables Income Fund plc ("AERIF" or the "Company"), a Euro income fund, announces its unaudited net asset value ("NAV") as at 30 September 2022, on a cum-income basis, was EUR 449,797,527 or 110.18 cents per Ordinary Share. This represents a NAV total return of 5.7% per Ordinary Share over the quarter.

A key driver of the NAV movement was further increases in power price curves (+7.5 cents per Ordinary Share) across the majority of the portfolio, with the Nordic countries showing the most pronounced increase compared to the other regions. The valuation methodology continues to assume an average of two power price curves from independent market analysts over the life of each asset. An increase in short-term CPI forecasts also had a positive impact (+1.8 cents per Ordinary Share).  The portfolio's Eurozone inflation assumption is approximately 4.2% in 2023 whilst the long-term assumption remains unchanged at 2.0%. The positive NAV movement was partially offset by an increase in the portfolio discount rate by approximately 30 bps (-3.6 cents per Ordinary Share) due to an increase in risk free rates across the Company's relevant geographies, resulting in a portfolio discount rate of 6.9% as of 30 September 2022. A sensitivity of NAV against discount rates, inflation and power prices can be found below:

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:

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

NOTES

The objective of the Aquila European Renewables Income Fund Plc (the Company) is to provide investors with an attractive long-term, income-based return in EUR through a diversified portfolio of wind, solar PV and hydropower investments across continental Europe and Ireland. Through the diversification of generation technologies, the seasonal production patterns of these asset types complement each other to balance the cash flow, while the geographic diversification serves to reduce exposure to one single energy market. In addition, a balance is maintained between government supported revenues, fixed price power purchase agreements (PPAs) and market power price risk.

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