5 April 2023

Aquila European Renewables plc

Completion of the Guillena Construction Project and The Rock Update

Guillena Construction Project

Aquila European Renewables plc ("AER" or "the Company"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH (the "Investment Adviser") is pleased to announce that Guillena, a 50 MWp solar PV asset has completed construction and is now operational.

Guillena is one of two assets located in southern Spain which belongs to the Greco portfolio, acquired in March 2022. The other asset, Jaén was the first asset within the Greco portfolio to finish construction and has been operational since November 2022. The majority of the deferred consideration, equivalent to approximately EUR 45 million under the Sale and Purchase Agreement for Guillena is expected to be paid in Q2 2023. The payment is expected to be financed under the Company's Revolving Credit Facility. Based on the Q4 2022 Net Asset Value, completion of Guillena will increase the Company's total gearing level to approximately 31.0% on a pro forma basis.

As announced in December 2022, Guillena entered into a seven year pay-as-produced Power Purchase Agreement ("PPA") at an attractive price with Statkraft Markets GmbH, whilst hedging 60% of P50 production.

Following completion of Guillena, the Company's portfolio is now fully operational and the operating capacity has increased to approximately 464 MW.

A video showcasing Guillena can be found on the AER website: www.aquila-european-renewables.com

The Rock: Engineering, Procurement and Construction Management Agreement

The Company is pleased to announce that the takeover under the Engineering, Procurement and Construction Management ("EPCM") agreement has now been achieved. As announced previously, The Rock has been operational since November 2022 following completion of the Turbine Supply Agreement, whilst final completion would be declared once takeover under EPCM agreement has happened.

All parties agreed that Eolus will remain responsible for the upcoming appraisal case with the Sami district, which is due to commence on 30 May 2023.

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.

LEI Number: 213800UKH1TZIC9ZRP41