Aquila Euro. Regulatory News (AERS)

December 23, 2020

Aquila European Renewables Income Fund plc completes acquisition of its first solar project in Spain

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 December 4, 2020, its fully owned subsidiary, Tesseract Holdings Limited has successfully completed the acquisition of a 100% interest in Albeniz a Spanish solar PV construction project, for an undisclosed amount.

Albeniz is a 50 MWp project located in the South of Spain, one of the highest yielding regions for solar energy in Europe. The project also benefits from a fixed price, 5 year Power Purchase Agreement covering 60% of P50 production. The Company anticipates that the project will reach construction completion by the end of 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

Joint Financial Advisor

Kempen & Co +31 20 348 8000

Thomas ten Hoedt

Michiel Klomp

Robin van Wijk

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, wind and solar PV 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. AERIF is targeting a minimum of 4.0 cents per ordinary share in relation to the financial year ending 31 December 2020 and 5.0 cents per ordinary share in respect of subsequent financial years, with the aim of increasing this dividend progressively over the medium term.

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