Net Asset Value and Factsheet

17 May 2023

Aquila European Renewables plc

Net Asset Value and Factsheet - March 2023

Aquila European Renewables plc (the Company), a Euro income fund, announces its unaudited net asset value ("NAV") as at 31 March 2023, on a cum-income basis, was EUR 432,926,707 or 110.08 cents per ordinary share. This represents a NAV total return of 0.7% per Ordinary Share over the quarter.

Key drivers of the NAV movement in Q1 2023:

· Share buyback programme (+0.6 cents per Ordinary Share).

· Decrease in power price forecasts in the Nordics, particularly in Denmark as a result of decreasing commodity prices and the existing interconnectivity with continental Europe (-3.9 cents per Ordinary Share).

· Decrease in short-term CPI forecasts (-0.2 cents per Ordinary Share), Eurozone inflation assumption 5.6% in 2023.

· Olhava valuation uplift to reflect the positive impact due to the removal of the hedging requirement with the renegotiation of financing terms (+2.0 cents per Ordinary Share).

· Asset life extensions applied on Spanish solar PV portfolio following the conclusion of due diligence which was supported by independent third-party providers (+2.1 cents per Ordinary Share).

· Increase in discount rate from 7.2% to 7.3% (-0.7 cents per Ordinary Share) as a result of increases in risk free rates. Up to 40 bps in construction risk premia remain in place on the assets under construction.

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:

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

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