THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

Update on Sales Process

28 July 2025

Aquila European Renewables plc ("AERI" or the "Company"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH, announced on 19 June 2025 that the Company had completed the Sagres Disposal and provided an update on the three separate sales processes that were being progressed, including with the preferred bidder. 

After comprehensive and positive due diligence by, and extensive negotiations with, the preferred bidder resulting in a broadly agreed form share purchase agreement, a revised offer from the preferred bidder has been received. This revised offer has seen the preferred bidder reduce the number of assets they can currently acquire, with their current available funds. The indicated acquisition price has also been further reduced. The revised offer would mean a less material proportion of the portfolio would be sold and is expected to lead to a situation which is potentially prejudicial to the marketability of the balance of the portfolio.

Accordingly, the Board has decided to pause the sales process with the preferred bidder, who is no longer in exclusivity but with whom dialogue remains open, and explore the implications of the above and the alternatives available to AERI.

The revised offer and changes to the transaction perimeter by the preferred bidder were unfortunately received late in the process and had this not occurred the Board would have been minded to proceed on the previously proposed terms. 

The Board will provide an update to shareholders on the sales process once the implications and alternatives have been properly explored. 

The Company's Q2 NAV [reflecting the latest power price curves] will be published as expected in early August 2025.

Ian Nolan, Chairman of the Company said:

"The Board is disappointed with this update to shareholders and together with our advisers, recognise the current challenging sales market environment with relatively low levels of liquidity and pressure on forecast power prices. The Board retains its current view on the resilience of the portfolio and its operational performance, as evidenced by the positive due diligence process undertaken to date. Our objective remains to seek a realisation of the portfolio, and we continue to work very hard to deliver on this objective for shareholders." 

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Inside Information

The information contained within this announcement is deemed by Aquila European Renewables plc to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018). On the publication of this announcement via a Regulatory Information Service, such information is now considered to be in the public domain.

The person responsible for making this announcement is Jennifer Thompson of Apex Listed Companies Services (UK) Limited, the Company Secretary.