Downing Renewables & Infrastructure DORE acquires UK solar assets for GBP 42 million (9412S)
March 22 2021 - 2:00AM
UK Regulatory
TIDMDORE
RNS Number : 9412S
Downing Renewables & Infrastructure
22 March 2021
22 March 2021
Downing Renewables & Infrastructure Trust plc
("DORE" or "the Company")
DORE acquires portfolio of UK solar assets for GBP 42
million
Downing Renewables & Infrastructure Trust plc (LSE:DORE) is
pleased to announce it has completed the acquisition of a 96MWp
portfolio of c.50 solar PV assets (the "Assets") located in
mainland Great Britain and Northern Ireland for a total
consideration of GBP42 million (including working capital balances
and cash held by the portfolio companies). The transaction was
completed pursuant to an option agreement entered into on 12
November 2020.
The portfolio, described as the "Seed Assets" in the Company's
prospectus published on 12 November 2020, comprises:
-- 13 ground-mounted sites located across mainland GB totalling c.73 MWp;
-- 28 commercial rooftop assets totalling c.10 MWp; and
-- 7 residential rooftop portfolios in Northern Ireland totalling c.13MWp.
The Assets have an average operating track record of around six
years and generated revenue of GBP12.5 million and EBITDA of GBP9.9
million in the year to 31 March 2020. The Assets are expected to
contribute significantly to DORE's target dividend yield going
forward, with a particularly strong contribution to yield in the
calendar year to 31 December 2021.
This is the second acquisition that DORE has announced since its
GBP122.5 million IPO on the London Stock Exchange in December 2020
and a total of GBP102 million has now been deployed. The Company
has also announced that it has entered into exclusivity to acquire
a c.40% stake in a 100MW near-shore windfarm construction asset in
Sweden.
DORE is targeting investment in a diversified portfolio of
renewable energy generating assets and other infrastructure, which
balances higher yielding, lower capital growth of defined life
assets such as solar and wind, with lower yielding, higher capital
growth assets such as hydro, in the UK, Ireland and Northern
Europe.
Tom Williams, Head of Energy & Infrastructure at Downing
LLP, said: "The combination of this solar portfolio, the hydro
portfolio acquisition in January and the wind project under
exclusivity encapsulates DORE's strategy of diversification by
geography, technology, construction stage and revenue. Together, it
provides strong, stable, diversified and high-quality earnings that
will underpin DORE's dividend and NAV for years to come."
www.doretrust.com
Non-material amendment to the investment policy. For the purpose
of acquiring the Assets, the Company's investment policy has
temporarily been amended to permit the Company to invest no more
than 61% of Gross Asset Value in assets located in the UK. The
previous limit was 60%.
This announcement contains inside information for the purposes
of Article 7 of the UK Market Abuse Regulation.
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 renewable energy and infrastructure assets
located in the UK, Ireland and Northern Europe. DORE's strategy,
which focuses on diversification by geography, technology, stage
and revenue, is designed to increase the stability of revenues,
reduce seasonal variability and enhance returns. 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 119 investments into solar parks, wind
farms and hydroelectric plants since 2010. For further details
please visit www.downing.co.uk
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