5 August 2022

LEI Number: 213800UKH1TZIC9ZRP41

Aquila European Renewables Income Fund plc

("AERIF" or the "Company")

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

The Company announces that, in accordance with its Investment Advisory Agreement ("IAA"), it has today purchased 760,053 Ordinary Shares in the Company at a price of €1.01 per Ordinary Share for Aquila Capital Investmentgesellschaft mbH, the Company's Investment Adviser, in order to satisfy the Company's management fee due for the period from 1 April 2022 to 30 June 2022. The purchase of the Management Fee Shares equated to a total consideration of EUR €772,650.23, including commission and stamp duty and was funded out of the Company's surplus cash in hand. Details of the IAA were disclosed in the prospectus published by the Company on 17 September 2020.

Following the transaction noted above, the Investment Adviser has now acquired an aggregate total of 6,434,868 Ordinary shares that were issued or purchased in accordance with the Company's IAA, representing 1.6% of the Company's total Ordinary shares in issue.

End

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