12 May 2023

Aquila European Renewables plc

Guillena Payment

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 following the recent completion of construction at Guillena, the Company has recently completed a EUR 45.8 million payment to the developer under the asset's Sale and Purchase Agreement. The payment is 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 30.8% on a pro forma basis.

Guillena is one of two assets located in southern Spain belonging to the Greco portfolio with a combined capacity of 100 MWp, which was 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. As announced previously, Guillena reached completion in April 2023 which means that 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

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.