Increased project commitment

10 June 2021

Aquila European Renewables Income Fund plc increases its commitment in The Rock

Aquila European Renewables Income Fund plc ("AERIF" or "the Company"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH, announces that it has increased its potential commitment in The Rock (the "Project") by up to EUR 35.6m ("Bridge") in order to bridge the Company's share of expected future draw-downs under the Project's existing debt facility required to bring the Project to completion. The Company has also announced that it has made its first draw-down under the Bridge of approximately EUR 3.6m.

The Rock is a 400MW onshore wind farm project located in Norway, which is currently under construction, with completion expected by Q4 2021. As announced on 5 June 2020, the Company acquired approximately 13.7% of the Project, noting a possibility to increase its commitment in due course.

The Bridge is being provided while the Project satisfies certain conditions required in order to draw-down under its debt financing agreement, which the Company expects to be met in the near future. The Bridge is structured as a shareholder loan at an attractive fixed rate. Upon satisfaction of the conditions, Project debt will be used to fully repay any amounts drawn under the Bridge (pro rata to the Company's interest in the Project). The Company's 13.7% interest in the Project remains unchanged as a result of the Bridge. Subsequent to the initial draw-down under the Bridge, when combined with the Company's existing investment in The Rock equates to a total investment of approximately EUR 41m to date. AERIF intends to fund the Bridge with existing surplus liquidity.

The Company and its investment adviser look forward to working with local authorities, Project lenders and contract counterparties to reach Project completion.

Ends

For further details contact:

Media contacts:

Smithfield Consultants

Ged Brumby | 020 3047 2527

John Kiely | 020 3047 2538

Andrew McLagan | 020 3047 2006

Sponsor, Broker and Placing Agent

Numis Securities 020 7260 1000

Tod Davis

David Benda

Vicki Paine

NOTES

Aquila European Renewables Income Fund plc ("AERIF" or the "Company") is a London-listed renewable energy infrastructure investment company with the aim to provide investors with an attractive long-term, income-based return in EUR through a diversified portfolio of hydropower, onshore wind and solar PV investments across continental Europe and Ireland. Through the diversification of generation technologies, the seasonal production patterns of these asset types complete each other to balance the cash flow, while the geographic diversification serves to reduce exposure to one single energy market. AERIF is targeting 5.0 cents per ordinary share in relation to the financial year ending 31 December 2021, with the aim of increasing this dividend progressively over the medium term.

Further details can be found on AERIFs website at www.aquila-european-renewables-income-fund.com.