(Alliance News) - Downing Renewables & Infrastructure Trust PLC on Monday said that it has bought five hydropower plants in Sweden for a total of GBP6 million.
Downing Renewables is an investor in solar parks, wind farms and hydroelectric assets.
The plants have a combined expected annual average production of around nine gigawatt hours, and are located in Sweden's SE2 and SE3 pricing regions. The acquisitions were funded using Downing Hydro AB's long-term debt facility and completed in December of last year.
Also on Monday, the firm said that it has continued the roll-out of software and hardware upgrades across its portfolio to allow the relevant hydropower plants to participate in the frequency containment markets.
"Following our recent Icelandic hydropower acquisition, we are pleased to add another five hydro plants to the DORE portfolio. We are also delighted with the progress of the software and hardware upgrades to the hydropower fleet and hope to see the first facilities participating in the Swedish frequency markets this quarter," said Tom Williams, head of Energy and Infrastructure at Downing LLP.
Downing Renewables & Infrastructure Trust shares were trading 0.2% higher at 90.30 pence each in London on Monday afternoon.
By Holly Beveridge, Alliance News reporter
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Downing Renewa. (DORE)