Last checked at 27 May 2021 07:00
27 May 2021
Downing Renewables & Infrastructure Trust plc
("DORE" or "the Company")
DORE signs exclusivity agreement to acquire Swedish grid and hydropower portfolio
Downing Renewables & Infrastructure Trust plc ("DORE") has signed an exclusivity agreement with AB Edsbyns Elverk, a local Swedish multi-utility ("EE") to buy EE's subsidiary Elektra Nät AB ("Elektra") and a portfolio of three hydropower plants. Elektra is a local regulated electricity distribution company in Edsbyn, central Sweden.
DORE has submitted an indicative bid in excess of SEK 300 million (approx. £25.5 million), whose confirmation is subject to final due diligence by the Company and approval by EE shareholders at its Annual General Meeting on 29 June. The assets are in line with DORE's investment strategy and the acquisition of Elektra will be DORE's first of a utility company. If acquired, DORE plans to continue investing in Edsbyn, as a hub for its investment in the Swedish renewable energy and electricity distribution sectors.
EE's portfolio of three hydropower plants, with a total annual generation of c.33GWh, complement DORE's current hydropower assets in Sweden and are located nearby.
DORE, which raised £122.5 million in its IPO on the London Stock Exchange in December 2020, is building a diversified portfolio of renewable energy generation and other infrastructure in the UK, Ireland and Northern Europe.
Tom Williams, Head of Energy & Infrastructure at Downing LLP, said:
"This proposed acquisition further diversifies DORE's portfolio and revenue, with the addition of long-term regulated revenues from Elektra that are not exposed to energy prices. We are particularly excited about the possibility of building on the strong foundations in Edsbyn and growing the business there into a hub for our broader operations in the sector in Sweden."
www.doretrust.com
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 (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 aims to provide investors with an attractive and sustainable level of income, with an element of capital growth, by investing in a diversified portfolio of renewable energy and infrastructure assets in the UK and Northern Europe.
DORE's strategy, which focuses on diversification by geography, technology, revenue and project stage, is designed to increase the stability of revenues and the consistency of income to shareholders. 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 119 investments into solar parks, wind farms and hydroelectric plants since 2010. For further details please visit www.downing.co.uk