Downing Renewables & Infrastructure Acquisition of the First Icelandic Asset (5302A)
January 23 2024 - 1:00AM
UK Regulatory
TIDMDORE
RNS Number : 5302A
Downing Renewables & Infrastructure
23 January 2024
23 January 2024
Downing Renewables & Infrastructure Trust plc
Acquisition of the First Icelandic Asset
The Board of Downing Renewables & Infrastructure Trust plc
(the "Company" or "DORE") is pleased to announce that it has
acquired its first Icelandic asset, Urðarfellsvirkjun, a 1.1MW
hydropower plant, located in south-central Iceland with an annual
average production of c. 8 GWh. The total investment was c. GBP5m
(EUR 6m).
The run-of-river plant has been operational since 2018 and
derives its water from both natural springs and rainfall. Unlike
the Swedish hydropower portfolio, where the freehold land is owned,
this facility has a 65-year lease agreement, with strong rights to
extend.
The Icelandic hydropower market provides an attractive
investment proposition for the Company, with electricity producers
benefitting from 100% inflation-linked take-or-pay offtake
arrangements with no exposure to merchant power pricing for the
duration of the offtake agreement. Investing in Icelandic
hydropower offers returns that are accretive to DORE's return
target and also provides the potential for significant
precipitation diversification to the existing portfolio.
The Company obtains the benefit of the facility's cashflows with
effect from (and including) 1 December 2023 and financed the
acquisition through the utilisation of the debt facilities at
Downing Hydro AB.
Tom Williams, Partner, Head of Energy and Infrastructure at
Downing LLP, commented: "We are pleased to acquire our first asset
in Iceland, which we think is a very attractive market with huge
potential for the Company. We remain committed to our investment
strategy of diversification across geography, technology, revenue
and project stage."
Contact details:
Downing LLP - Investment Manager to the
Company
Tom Williams +44 (0)20 3954 9908
Singer Capital Markets - Joint Corporate
Broker
Robert Peel, Alaina Wong, Jalini Kalaravy
(Investment Banking)
Sam Greatrex, Alan Geeves, James Waterlow,
William Gumpel (Sales) +44 (0)20 7496 3000
Winterflood Securities Limited - Joint
Corporate Broker +44 (0)20 3100 0000
Neil Morgan (Corporate Finance)
Darren Willis, Andrew Marshall (Sales)
TB Cardew - Public relations advisor +44 (0)20 7930 0777
to the Company
+44 (0)7738 724
Ed Orlebar 630 / +44 (0)7425
Tania Wild 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 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 GBP1.9 billion of assets under
a broad range of investment mandates across our funds, investment
trusts and tax-efficient products. As a certified B Corporation, we
are focussed on creating a sustainable future, our key investment
areas are renewable energy, infrastructure, property and
healthcare.
Downing has c.60 professionals dedicated to renewable energy and
infrastructure and a proven track record in renewables. Since 2010,
Downing has made more than 180 investments in this sector, with
over GBP840 million of assets under management.
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQBTMMTMTTTTJI
(END) Dow Jones Newswires
January 23, 2024 02:00 ET (07:00 GMT)
Downing Renewables & Inf... (LSE:DORE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Downing Renewables & Inf... (LSE:DORE)
Historical Stock Chart
From Apr 2023 to Apr 2024
