Dividend Declaration

4 August 2022

Aquila European Renewables Income Fund plc

Dividend Payment

The Board of Aquila European Renewables Income Fund plc ("AERIF" or the "Company") is pleased to declare a second interim dividend for the year to 31 December 2022 of 1.3125 cents per Ordinary share. The dividend will be paid on 2 September 2022 to shareholders who appear on the register on 12 August 2022. The Company's Ordinary shares will be marked ex-dividend on 11 August 2022.

Shareholders should note that the default payment currency is Euro, however, shareholders can elect to have their dividends paid in Sterling. The last day for currency elections to be registered is 15 August 2022. Currency elections should be submitted via CREST in the usual manner. Certificated shareholders can access a currency election form via the Registrar's website at www.investorcentre.co.uk. The Sterling dividend rate will be announced in due course.

For further details contact:

Media contacts

Edelman Smithfield

Ged Brumby 07540-412301

Kanayo Agwunobi 07581-010560

Sponsor, Broker and Placing Agent

Numis Securities 020 7260 1000

Tod Davis

David Benda

Vicki Paine

European Broker

Kempen & Co +31 20 348 8000

Maarten de Zeeuw

Kathrin Erfurth

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, 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 complement each other to balance the cash flow, while the geographic diversification serves to reduce exposure to one single energy market.

www.aquila-european-renewables-income-fund.com