Issue of Equity & Total Voting Rights

7 February 2022

Aquila European Renewables Income Fund plc

(the "Company")

Issue of Shares in connection with the payment of Investment Adviser fees

The Company announces that it has issued today 731,520 ordinary shares ("New Ordinary Shares") to Aquila Capital Investmentgesellschaft mbH, the Company's Investment Adviser, in relation to fees payable for the three-month period ended 31 December 2021. The New Ordinary Shares have been issued pursuant to the Investment Advisory Agreement ("IAA"), details of which were disclosed in the prospectus published by the Company on 17 September 2020.

The New Ordinary Shares are being issued at the latest prevailing adjusted Net Asset Value ('NAV')* as at 31 December 2021 of €1.0383 per Ordinary share.

Applications will be made for the New Ordinary Shares to be admitted to the premium segment of the Official List, and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"). It is expected that Admission will become effective and dealings in the New Ordinary Shares will commence at 8am on 11 February 2022. The New Ordinary Shares will rank pari passu with the ordinary shares already in issue.

Following Admission, the Company's issued share capital will consist of 407,670,932 ordinary shares. Therefore, the total number of voting rights of the Company is 407,670,932 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or of a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

*the adjusted NAV is the NAV as at 31 December 2021 of €1.0258 plus the dividend of 1.25 cents paid during the period.

For further details contact:

Media contacts:Smithfield Consultants

Ged Brumby | 020 3047 2527

Kanayo Agwunobi | 020 3047 2126

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 ("AERIF" or the "Company") is a recently established, 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 an aggregate annual yield of 5.0% once fully invested.

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