21 November 2022

Aquila European Renewables plc

Update - The Rock Takeover Completed Under the Turbine Supply Agreement

Aquila European Renewables plc ("AER" or "the Company"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH is pleased to announce that The Rock ("Project") has achieved takeover under the Turbine Supply Agreement ("TSA"), an important milestone for the Project.

All turbines have passed the test run procedure and the independent engineer has signed the taking over certificates for all 72 turbines according to the TSA, enabling formal takeover to occur. As a result, the Project has formally transitioned to operations. On average, 95% of all the turbines are now in operation, whilst the remaining turbines are subject to corrective maintenance. The Project company will benefit from a production-based availability warranty under the existing Maintenance and Service Agreement, which will cover any losses if availability is below 97% in the first year of operations and 98% subsequently thereafter.

Final completion will be achieved upon the parties concluding remaining items under the Engineering, Procurement, Construction and Management Agreement in respect of which discussions are ongoing.

The Rock is a 400 MW wind farm located in northern Norway, in which AER acquired a 13.7% interest in June 2020. The Project benefits from a pay-as-produced power purchase agreement ("PPA") with Alcoa Norway ANS ("Alcoa"). Approximately 70% of the Project's P50 production is hedged over 14 years via PPAs. The Rock is now supplying electricity to Alcoa's Aluminium smelter in Mosjøen, which is a key contributor to employment and growth in the area. The Project milestone is another important development for the Mosjøen community, following Alcoa's announcement in June 2022 of a US$51 million investment to boost production capacity at the smelter[1].

The Rock is expected to have an operating life of 30 years and is expected to provide 1,294 GWh of renewable electricity annually over its lifetime, representing approximately 385 kt of CO₂ equivalent avoidance per annum[2].

Following completion of The Rock and Albeniz earlier in 2022, the Company's investment allocation to construction projects has been reduced to 2.5%, reflecting AER's initial payment to acquire a 100% interest in Project Greco, which is expected to reach completion in 2023. Under the Company's investment restrictions, AER can invest up to 30% of its Gross Asset Value in assets under development and/or construction.

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

NOTES

The objective of Aquila European Renewables plc 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 and market power price risk.

www.aquila-european-renewables.com

LEI Number: 213800UKH1TZIC9ZRP41