Update in Response to Siemens Energy Press Release

30 June 2023

Aquila European Renewables plc

Update In Response to Siemens Energy Press Release

Aquila European Renewables plc ("AER" or "the Company"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH (the "Investment Adviser") is providing an update on its exposure to Siemens Gamesa ("SG") turbines in response to the press release issued by Siemens Energy on 22 June 2023.

On 22 June 2023, Siemens Energy announced that they are withdrawing their profit guidance due to a substantial increase in failure rates of wind turbine components from SG.

Svindbaek is the only asset in the portfolio which currently utilises SG turbines. As of 31 March 2023, Svindbaek represents approximately 9% of Net Asset Value and the Company owns approximately 99.9% of Svindbaek.

A preliminary assessment carried out by the Company's Investment Adviser has concluded that there is no evidence to suggest that the technical issues identified by SG in the above-mentioned press release affect the turbines in use at Svindbaek. Importantly, Svindbaek has not experienced serial defects in the past and the technical issues identified by SG are related to a turbine series that is not used by Svindbaek.

In accordance with the existing Turbine Supply Agreement at Svindbaek, the manufacturer warranty period ended in 2022. During the inspection at the end of the warranty period in 2022, no serial defects were identified.

The Investment Adviser is continuing to engage with SG and the Company will keep shareholders updated in relation to any significant developments.

Ends

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 Number: 213800UKH1TZIC9ZRP41