Downing Renewables & Infrastructure Completion of First Acquisition (7645N)
February 02 2021 - 9:47AM
UK Regulatory
TIDMDORE
RNS Number : 7645N
Downing Renewables & Infrastructure
02 February 2021
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 EUR65 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).
Link Company Matters Limited
Company Secretary
ENDS
Contact details:
Downing LLP - Investment Manager to the Company
+44 (0)20 3954
Tom Williams 9908
N+1 Singer - Corporate Broker
Robert Peel, Alan Ray, Carlo Spingardi (Investment
Banking)
Sam Greatrex, Alan Geeves, James Waterlow, +44 (0)20 7496
Paul Glover (Sales) 3000
TB Cardew - Public relations advisor to the +44 (0)20 7930
Company 0777
Ed Orlebar +44 (0)7738 724
Tania Wild 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 GBP1.7 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
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END
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