Update on Sagres Disposal and Managed Wind-Down

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

Update on Sagres Disposal and Managed Wind-Down

19 June 2025

Aquila European Renewables plc ("AERI" or the "Company"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH ("Aquila Capital", the "Investment Adviser"), announced on 1 May 2025 and 9 May 2025 respectively that, the Company had entered into an SPA regarding the Sagres Disposal and agreed non-binding Heads of Terms and entered into exclusivity with a preferred bidder for the proposed disposal of a portion of the Company's portfolio of assets and was pursuing a focused sale process in relation to the balance of the portfolio of assets representing a single geography.

The Company is pleased to announce that the Sagres Disposal has completed and the Company is in receipt of sale proceeds of €14.7 million.

By way of further update, the Company now expects to sell its remaining assets by way of three separate processes, as follows:

· The Company is progressing due diligence with the preferred bidder for the proposed disposal of a portfolio of assets, which now represents less than a majority, but a substantial proportion of the Company's assets. Transaction documents are being negotiated, and the Company expects to be able to provide an update to shareholders in July 2025.

· The Company continues to progress its focussed sales process in relation to the balance of assets operating across a single region.

· The Company expects to pursue an individual asset sale process for its Finnish wind asset referred to as Olhava. Following recent changes in the balancing market in Q2 2025 due to Finland joining the European aFRR (automatic Frequency Restoration Reserve) platform PICASSO[1], the Company is currently considering the optimal timing and process for the disposal of Olhava.

The Board will provide an update to shareholders when appropriate.

Enquiries:

Inside Information

The information contained within this announcement is deemed by Aquila European Renewables plc to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018). On the publication of this announcement via a Regulatory Information Service, such information is now considered to be in the public domain.

The person responsible for making this announcement is Jennifer Thompson of Apex Listed Companies Services (UK) Limited, the Company Secretary.