3 February 2023

Aquila European Renewables plc

Purchase of Ordinary Shares in Connection with the Payment of the Investment Adviser Fee

Aquila European Renewables (the "Company") announces that, in accordance with the Investment Advisory Agreement ("IAA"), it has purchased 900,340 Ordinary Shares ("Investment Adviser Fee Shares") in the Company at an average price of €0.90 per Ordinary Share for Aquila Capital Investmentgesellschaft mbH, the Company's Investment Adviser, in order to satisfy the Company's Investment Adviser fee due for the period from 1 September 2022 to 31 December 2022. The purchase of the Investment Adviser Fee Shares equated to a net consideration of €815,580.68, including commission and stamp duty and was funded out of the Company's surplus cash. Details of the IAA were disclosed in the prospectus published by the Company on 17 September 2020.

Following the transaction noted above, the Investment Adviser now holds an aggregate total of 8,187,414 Ordinary Shares, representing 2.01% of the Company's total Ordinary Shares on issue.

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 ("PPAs") and market power price risk.

www.aquila-european-renewables.com

LEI Number: 213800UKH1TZIC9ZRP41

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