Last checked at 26 Jan 2023 07:00
26 January 2023
Downing Renewables & Infrastructure Trust plc
Increase of Revolving Credit Facility
Downing Renewables & Infrastructure Trust plc (the "Company" or "DORE") has increased its revolving credit facility ("RCF") with Santander from £25m to £40m. The additional capital available will facilitate further investment in the Company's robust pipeline of acquisition opportunities.
The terms of the RCF will now include a 'Green Projects' initiative and will operate under the Loan Market Association's (LMA) Green Loan Principles, a framework of market standards and guidelines that provides a consistent methodology for use across the green loan market.
Under the 'Green Projects' criteria, the RCF can only be used in connection with assets that present environmental benefits and appropriate green credentials. Additional monitoring and reporting obligations on the environmental benefits delivered by such assets will be required, which comfortably aligns with DORE's current investment strategy as an Article 9 fund.
Tom Williams, Partner, Head of Energy & Infrastructure at Downing LLP, said: "The increased RCF will enable us to fund acquisitions from our attractive near-term pipeline of assets. The 'Green Projects' criteria serve as a good illustration of the positive environmental impact of DORE's investment strategy This adds credence to DORE's commitment to sustainable investments as an Article 9 and 'Green Economy' fund. DORE's focus remains on delivering stable returns for investors across a diversified portfolio of renewable energy assets and to explore opportunities that will deepen its commitment to net zero."
Ioana Bozan, Director of Specialised & Project Finance, Santander, said: "Santander's deal team is delighted to continue supporting DORE's acquisition pipeline and enabling the transition to a low carbon future with an upsized £40m debt facility, operating under the LMA's Green Loan Principles. It has been a pleasure continuing to work with Downing's investment management team and cementing our relationship, whilst delivering bespoke, flexible funding and unlocking further opportunities."
ENDS
Contact details:
TB Cardew - Public relations advisor to the Company
Ed Orlebar Tania Wild | +44 (0)20 7930 0777 DORE@tbcardew.com +44 (0)7738 724 630 +44 (0)7425 536 903 |
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 has been awarded the London Stock Exchange's Green Economy Mark in recognition of its contribution to the global 'Green Economy' and also in 2022 DORE won 'Renewables Fund of the Year' at the Sustainable Investment Awards.
The Board classifies DORE as a sustainable fund with a core objective of accelerating the transition to net zero through its investments, compiling and operating a diversified portfolio of renewable energy and infrastructure assets to help facilitate the transition to a more sustainable future. The Company believes that this directly contributes to climate change mitigation.
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 is a responsible investment manager established in London in 1986. We currently manage £1.8 billion of assets under a broad range of investment mandates across our funds, investment trusts and tax-efficient products. Focused on creating a sustainable future, our key investment areas are renewable energy, infrastructure, property and healthcare.
Downing has c.50 professionals dedicated to renewable energy and infrastructure and a proven track record in renewables. Since 2010, Downing has made more than 175 investments and has c.£785 million of assets under management in solar, wind, hydro and battery storage technology.
This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.
For further details please visit www.downing.co.uk