Aquila European Renewables PLC

18 January 2024

Update re: Investment Adviser

Aquila European Renewables plc ("AER" or "the Company"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH ("Investment Adviser"), notes the announcement today that the Investment Adviser and Commerzbank have entered into a strategic partnership aimed at significantly accelerating Aquila Capital Investmentgesellschaft's growth and developing the Investment Adviser into one of the leading asset managers for sustainable investment strategies in Europe. As part of this partnership, Commerzbank will acquire a 74.9% stake in the Investment Adviser with the Aquila Group remaining permanently engaged as a shareholder with its remaining shareholding. The partnership ensures the managerial independence of the Company's  Investment Adviser as it will remain autonomous in terms of operations, investment decisions, product development and brand representation. The existing management and fund management teams responsible for the Company will remain unchanged.

The transaction is subject to the required regulatory approvals and is expected to close in the second quarter 2024.

For further details contact:

Media Contacts

Edelman Smithfield

Ged Brumby 07540 412301

Sponsor, Broker and Placing Agent

Numis Securities 020 7260 1000

Tod Davis

David Benda

Apex Listed Companies Services (UK) Limited (Company Secretary) 020 3327 9720

NOTES

About AER

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 onshore wind, solar PV and hydropower investments across continental Europe and Ireland. As a result of the diversification of energy generation technologies, the seasonal production patterns of these asset types complement each other, providing a balanced cash flow profile, while the geographic diversification serves to reduce exposure to any one single energy market. In addition, a balance is maintained between government supported revenues, fixed price power purchase agreements and market power price risk. AER is targeting a dividend of 5.51 cents per share in relation to the financial year ending 31 December 2023, with the aim of increasing this dividend progressively over the medium term.

Further details can be found at: www.aquila-european-renewables.com.

LEI Number: 213800UKH1TZIC9ZRP41