Net Asset Value and Factsheet

7 August 2023

Aquila European Renewables plc

Net Asset Value and Factsheet - June 2023

Aquila European Renewables plc (the Company), a Euro income fund, announces its unaudited net asset value ("NAV") as at 30 June 2023, on a cum-income basis, was EUR 403,255,872 or 104.09 cents per ordinary share. This represents a decline in NAV total return of -4.2% per Ordinary Share over the quarter.

Key drivers of the NAV movement in Q2 2023:

o  Decrease in power price curves across the whole portfolio as a result of lower commodity prices, reflecting a reduction in demand caused by mild temperatures in Europe and elevated filling levels of gas storage reservoirs (-8.1 cents per Ordinary Share).

o  Following completion of due diligence, asset life extensions have been applied to one Danish wind asset (+4 years) and two Portuguese solar PV assets (+10 years) (+1.2 cents per Ordinary Share).

o  Portfolio discount rate slightly decreased from 7.3% to 7.2% mainly due to the ongoing de-risking of the assets which were under construction and have subsequently been commissioned.

A sensitivity of NAV against discount rates, inflation and power prices can be found below.

Further details will shortly be available in the quarterly factsheet on the Company's website at: https://www.aquila-european-renewables.com.

For further details contact:

Media contacts

Edelman Smithfield 07540-412301

Ged Brumby

Hamza Ali

Emily Brazier

Sponsor, Broker and Placing Agent

Numis Securities 020 7260 1000

Tod Davis

David Benda

Vicki Paine

NOTES

The objective of Aquila European Renewables plc is to provide investors with an attractive long-term, income-based return in EUR through a diversified portfolio of wind, solar PV and hydropower 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. In addition, a balance is maintained between government supported revenues, fixed price power purchase agreements and market power price risk.

www.aquila-european-renewables.com

LEI: 213800UKH1TZIC9ZRP41