Project Greco Completion

29 March 2022

Aquila European Renewables Income Fund plc

Aquila European Renewables Income Fund plc completes the acquisition of a 100% interest in the Spanish solar project Greco

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 25 March 2022, its wholly owned subsidiary, Tesseract Holdings Limited has successfully completed the acquisition of a 100% interest in Greco, a Spanish solar PV construction project.

The 100 MWp Greco portfolio consists of two assets which are located in the region of Andalucía, in the south of Spain, which benefit from attractive solar irradiation yields. Construction is currently underway and completion is contingent upon the project receiving all of the requisite licenses and authorisations from local authorities (incl. the grid operator) and is expected by late 2022.

Payment of the deferred consideration amount (EUR 90 million) plus any potential earn-out will be due at or after project completion.

Ends

For further details contact:

Media contacts:

Edelman Smithfield

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 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.

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