5 November 2024

Aquila European Renewables plc

Net Asset Value and Factsheet - November 2024

Aquila European Renewables plc (the Company), a Euro income fund, announces its unaudited net asset value ("NAV") as at 30 September 2024, on a cum-income basis, was EUR 341,542,195.4 or 90.33cents per ordinary share. This represents a NAV total return of 3.4% per Ordinary Share over the quarter.

Key drivers of the NAV movement in Q3 2024:

·    The positive impact of the decrease in the risk-free rate following the ECB's decision to cut rates by an additional 25 bps in early September 2024. (+3.5 cents per Ordinary Share)

·    A slight decrease in power price curves, primarily driven by increased renewable energy production in the mid to long-term outlook and a reduction in carbon EUA emissions in the Iberian region. (-1.1 cents per Ordinary Share)

·    Following the announcement from the previous quarter, the sale of Tesla closed on 30 September 2024 at a 10.8% premium to the Company's Q2 valuation (+0.7 cents per Ordinary Share)

·    Decrease in portfolio discount rate from 7.5% to 7.2%, largely due to the decrease in the risk-free rate

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:

Sponsor, Broker and Placing Agent

Numis Securities 020 7260 1000

Tod Davis

David Benda

George Shiel

www.aquila-european-renewables.com

LEI: 213800UKH1TZIC9ZRP41