Last checked at 2 Feb 2021 15:47
2 February 2021
Downing Renewables & Infrastructure Trust plc
("DORE" or "the Company")
Completion of First Acquisition
Downing Renewables & Infrastructure Trust plc (LON:DORE) is pleased to announce it has now completed the acquisition, previously announced on 21 December 2020, of a portfolio of eight operational hydropower plants (the "Portfolio") in central and southern Sweden.
The Portfolio was acquired from Fortum Sweden AB ("Fortum") for a purchase price of approximately €65 million on a debt and cash free basis and comprises eight hydropower plants across three different rivers in Sweden, with annual average production of 108 GWh. The Portfolio has an operating track record spanning more than five decades.
Hydropower is a key energy source in the drive towards 100% renewable energy in Sweden by 2040 and is a key sector focus for DORE. The sector provides predictable long-term cash flows from assets that have much longer lives than other renewable energy technologies such as wind and solar.
DORE anticipates that the Portfolio will take out leverage during the year which will reduce DORE's equity in the Portfolio. Capital released would then be reinvested in the wider pipeline of opportunities available and further diversify the portfolio.
www.doretrust.com
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU no. 596/2014).
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ENDS
Contact details:
Downing LLP - Investment Manager to the Company
Tom Williams
| +44 (0)20 3954 9908 |
N+1 Singer - Corporate Broker
Robert Peel, Alan Ray, Carlo Spingardi (Investment Banking) Sam Greatrex, Alan Geeves, James Waterlow, Paul Glover (Sales)
| +44 (0)20 7496 3000
|
TB Cardew - Public relations advisor to the Company
Ed Orlebar Tania Wild
| +44 (0)20 7930 0777
+44 (0)7738 724 630 / +44 (0)7425 536 903 DORE@tbcardew.com |
About Downing Renewables & Infrastructure Trust plc (DORE)
DORE is a closed-end investment trust that invests exclusively in a portfolio of diversified Renewable and Infrastructure assets located in the UK, Ireland and Northern Europe. DORE's strategy, which focuses on diversification, is designed to increase the stability of revenues and reduce seasonal variability and enhance returns by making some investments into assets that are in construction or are construction-ready. For further details please visit www.doretrust.com
LEI: 2138004JHBJ7RHDYDR62
About Downing LLP
Downing LLP is a London-based investment management firm. It has over 25,000 investors and has raised over £1.7 billion into businesses across a range of sectors, from renewable energy, care homes, health clubs, and children's nurseries, to technology and sports nutrition. Downing has a demonstrable track record in renewables, having made 116 investments into solar parks, wind farms and hydroelectric plants since 2010. For further details please visit www.downing.co.uk