Reduction of the Share Premium Account

Aquila European Renewables Income Fund plc (the "Company")

Reduction of the share premium account

As stated in the Company's prospectus dated 10 May 2019, the Company had resolved that, conditional upon Admission and the approval of the Court, the amount standing to the credit of the share premium account of the Company immediately following completion of the Issue be cancelled and transferred to a special distributable reserve.

The Company is pleased to announce that, following the approval of the Court and the subsequent registration of the Court order with the Registrar of Companies on 30 July 2019, the reduction has now become effective. Accordingly, the amount of €149,675,608.45 previously held in the share premium account has been cancelled and will be transferred to a special distributable reserve.

LEI: 213800UKH1TZIC9ZRP41