Aquila Euro. Regulatory News (AERI)

3 November 2023

Aquila European Renewables plc

Net Asset Value and Factsheet - September 2023

Aquila European Renewables plc (the Company), a Euro income fund, announces its unaudited net asset value ("NAV") as at 30 September 2023, on a cum-income basis, was EUR 389,558,903.69 or 102.61 cents per ordinary share. This represents a NAV total return of -0.1% per Ordinary Share over the quarter.

Key drivers of the NAV movement in Q3 2023:

· Increase in Guarantees of Origin (GoO) price forecasts due to stronger EU commitment for green sourcing, the EU sustainable finance taxonomy, and the certification of sustainability of hydrogen and e-fuels (+2.0 cents per Ordinary Share);

· Decrease in power price curves in the Nordics due to favourable hydrologic conditions and high renewable output, offset by spot price increases in Iberia due to higher demand during the summer season (-0.1 cents per Ordinary Share);

· Increase in portfolio discount rate from 7.2% to 7.4%, largely due to an increase in the risk-free rate. Taking into account fund level leverage (RCF), the adjusted discount rate is approximately 7.9%.

A sensitivity of NAV against discount rates, inflation and power prices can be found below.

Further details will shortly be available in the quarterly factsheet on the Company's website at: https://www.aquila-european-renewables.com.

For further details contact:

Media contacts

Edelman Smithfield

Ged Brumby 07540-412301

Hamza Ali 07976 308914

Sponsor, Broker and Placing Agent

Numis Securities 020 7260 1000

Tod Davis

David Benda

George Shiel

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.

www.aquila-european-renewables.com

LEI: 213800UKH1TZIC9ZRP41