Issue of Equity & Total Voting Rights

1 June 2022

LEI Number: 213800UKH1TZIC9ZRP41

Aquila European Renewables Income Fund plc

("AERIF" or the "Company")

Issue and Purchase of Management Fee Shares in connection with the payment of Investment Adviser fees

The Company announces that it has issued today 554,773 Ordinary Shares ("New Ordinary Shares") to Aquila Capital Investmentgesellschaft mbH, the Company's Investment Adviser (the "Investment Adviser"), in relation to a portion of the fees payable for the three-month period from 1 January 2022 to 31 March 2022. 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 March 2022 of €1.021075 per Ordinary share (calculated as the NAV as at 31 March 2022 of €1.0342, less the dividend of €0.013125 in relation to the period ended 31 March 2022).

In addition to the issuance noted above, the Company announces that, in accordance with the terms of the IAA with its Investment Adviser, the Company has also purchased an aggregate of 176,300 Ordinary Shares of the Company ("Management Fee Shares") at an average cum-dividend price of €1.0376 per Ordinary Share in order to satisfy the balance of the management fee due for the period from 1 January 2022 to 31 March 2022. The purchase of the Management Fee Shares equated to a total consideration amount of EUR 183,233.01 and was funded out of the Company's surplus cash in hand.

Following the transaction noted above, the Investment Adviser has now acquired an aggregate total of 5,674,815 Ordinary shares that were issued in accordance with the Company's IAA, representing 1.4% of the Company's total Ordinary shares in issue. 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 9 June 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 408,225,705 ordinary shares. Therefore, the total number of voting rights of the Company is 408,225,705 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.

End

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

Maarten de Zeeuw

Kathrin Erfurth

Robin van Wijk

NOTES

Aquila European Renewables Income Fund plc 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.

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