Albeniz PPA Update

22 December 2021

Aquila European Renewables Income Fund plc

Albeniz PPA Update

Aquila European Renewables Income Fund plc ("AERIF" or "the Company"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH (the "Investment Adviser") is pleased to announce that, following favourable market pricing dynamics observed in Iberian power markets, the Investment Adviser has negotiated an additional power purchase agreement ("PPA") for the Albeniz project.

The Company's subsidiary owns 100% of Albeniz, a solar PV project located in Spain, which was acquired in December 2020. The project is currently under construction, with completion expected by the first quarter of 2022. The Company is pleased to report that module deliveries for the project have now been completed and the project is now focused on completion of mechanical works.

The additional PPA has a term of five years, with a baseload structure and increases Albeniz total P50 production hedging from 60% to 80% (over five years).

In coordination with the Investment Advisers' Merchant Market Desk, AERIF was able to secure the new PPA at an attractive price, representing a notable increase compared to the existing PPA in place, reflecting the current market environment for power prices in Iberia. This follows the Company announcing on 10 December 2021 that it had entered into additional PPAs in relation to Benfica III. Pro-active management of merchant exposure is a key component of AERIF's investment strategy.

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.