The board of Aquila European Renewables Plc (LSE:AERI) noted the announcement released on 22 December 2023 by Octopus Renewables Infrastructure Trust plc (LSE:ORIT) (the ?ORIT Proposed Combination Announcement?) proposing that AERI undertake a scheme of reconstruction pursuant to section 110 of the Insolvency Act 1986 (the ?ORIT Proposed Combination?) in order to combine with ORIT. Aquila European Renewables confirmed it has received unsolicited proposals from ORIT in relation to a possible combination on a to be defined formula asset value for formula asset value basis. Aquila European Renewables announced on 14 December 2023 that, together with its advisers, it continues to explore a number of different initiatives to address the issues facing the sector and to secure recognition in the Company's share price of the real underlying value of the Company's portfolio.

In connection with this, the Board of Aquila European Renewables has also committed to consider broader options for the future of the Company, including the possible combination with another listed investment company by way of a section 110 of the Insolvency Act 1986. It is the Board's intention to consider the ORIT Proposed Combination as part of this wider process early in the New Year.