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Downing Renewables buys UK solar assets, adding to Sweden hydro plants

Mon, 22nd Mar 2021 12:12

(Alliance News) - Downing Renewables & Infrastructure Trust PLC on Monday said it bought a GBP42.0 million portfolio of UK solar power assets, its second acquisition since going public in December.

The portfolio consists of 13 ground-mounted sites, 28 commercial rooftop assets, and 7 residential rooftop portfolios. They have a combined output of 96 megawatt peaks.

The assets generated revenue of GBP12.5 million in the financial year that ended March 31, 2020, according to Downing Renewables. They are expected to make "a particularly strong contribution" to dividend yield in 2021.

The investment trust said it has now spent GBP102.0 million of the GBP122.5 million it raised in its initial public offering. It previously bought a portfolio of Swedish hydropower plants and signed an exclusivity agreement to buy a stake a Swedish wind farm.

Tom Williams, Downing LLP's head of energy and infrastructure, said: "The combination of this solar portfolio, the hydro portfolio acquisition in January and the wind project under exclusivity encapsulates DORE's strategy of diversification by geography, technology, construction stage and revenue."

Shares were down 0.7% to 95.20 pence in London.

By Ivan Edwards; ivanedwards@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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