Dividend Declaration

10 May 2022

Aquila European Renewables Income Fund plc

Dividend Payment

The Board of Aquila European Renewables Income Fund plc ("AERIF" or the "Company") is pleased to declare a first interim dividend for the year to 31 December 2022 of 1.3125 cents per Ordinary share. The dividend will be paid on 17 June 2022 to shareholders who appear on the register on 20 May 2022. The Company's Ordinary shares will be marked ex-dividend on 19 May 2022.

For further details contact:

Media contacts

Smithfield Consultants

Ged Brumby | 020 3047 2527

Kanayo Agwunobi | 020 3047 2126

Corporate Broker

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, 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. AERIF is targeting a minimum of 4.0 cents per ordinary share in relation to the financial year ending 31 December 2020 and 5.0 cents per ordinary share in respect of subsequent financial years, with the aim of increasing this dividend progressively over the medium term.

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