Breakdown of Aquila Capital asset sale negotiation

14 May 2026

Aquila European Renewables PLC

Breakdown of negotiations with Aquila Capital regarding proposed asset sale

The Board of Aquila European Renewables PLC (the "Company") announces that negotiations with Aquila Capital Investmentgesellschaft mbH ("Aquila Capital"), the Company's investment adviser and a wholly owned subsidiary of Commerzbank, regarding the proposed sale of a portfolio of assets has broken down.

The Board had been in advanced discussions with Aquila Capital regarding the sale of approximately half of the Company's portfolio. Ahead of the anticipated signing of the sale and purchase agreements, Aquila Capital sought to alter the proposed transaction by increasing the assets under offer to approximately two-thirds of the portfolio, while reducing the total consideration and thereby applying a materially wider discount to the net asset value of the portfolio. Aquila Capital has withdrawn its original proposal.

In the Board's view, Aquila Capital has sought to take advantage of the Company's advanced position in the process and the significant time and costs already incurred, by proposing significantly inferior terms. This is especially concerning given the due diligence process was nearly completed and Aquila Capital had not raised any material issue which would justify this course of action. Moreover Aquila Capital, as investment adviser, has very extensive knowledge of the assets.

The Board will appoint advisers to conduct a full review of the investment advisory arrangements with Aquila Capital, including Aquila Capital's compliance with the standards of conduct that the Board believes shareholders are entitled to expect from their investment adviser.

Robert Naylor, Chairman, commented:

"The Board is deeply troubled by the conduct of Aquila Capital's, a wholly owned subsidiary of Commerzbank. After a lengthy process, with signing imminent, Aquila Capital sought to fundamentally rewrite the economics of the transaction.

This is particularly concerning given that Aquila Capital recommended the Board reject an independent third-party offer for the Greco asset, received in December 2025, following detailed due diligence, at a narrower discount than that implied by Aquila Capital's own revised proposal.

The Board will examine all available remedies and consider whatever action is necessary to protect shareholders' interests."

The Board will provide further updates as appropriate.

LEI: 213800UKH1TZIC9ZRP41

Enquiries:

www.aquila-european-renewables.com