Aquila Euro. Regulatory News (AERI)

2 July 2021

Aquila European Renewables Income Fund plc completes the acquisition of a 50% interest in the Portuguese solar project Ourique

Aquila European Renewables Income Fund plc ("AERIF" or "the Company"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH, is pleased to announce that further to the RNS released on 1 April 2021, its fully owned subsidiary, Tesseract Holdings Limited ("THL") has successfully completed the acquisition of a 50% interest in the unlevered Portuguese solar project Ourique.

Ourique is located in Alentejo, Portugal, and has an installed capacity of c. 60 MWp. The solar farm started its operations in December 2019 and its power price hedges cover 100% of the produced energy until March 2026. It is expected to save 17,035 tonnes of CO2 emissions per annum, and an estimated 511,046 tonnes over the lifetime of the project (100% interest basis).

With the completion of the Ourique acquisition, AERIF has now deployed or committed (in the form of future capital calls related to Albeniz and The Rock) all of its surplus capital which was available for investment activity. Following the acquisition of Ourique, solar PV now represents over 25% of AERIF's portfolio (based on the fair values reported for 31 March 2021).

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.