Acquisition of a 46MWp wind farm in Sweden
2 February 2022
Downing Renewables & Infrastructure Trust plc
("DORE" or "the Company")
Acquisition of a 46MWp wind farm in Sweden and completion of hydro acquisitions
DORE is pleased to announce that it has completed the acquisition of an operational 46 MW onshore wind project located in north east Sweden for a total consideration of approximately EUR 23.8 million (c.£19.8 million). The acquisition has been funded on an ungeared basis using the group's cash resources.
The wind farm is powered by 20 Enercon E-82 2.30 MW turbines and is located on a plateau in north eastern Sweden at approx. 220 metres above sea level in the SE2 pricing region. The project has been operational since 2011. Operation and maintenance services are provided by Enercon GmbH. The asset is expected to generate c. 108 GWh of electricity per annum.
Hugh Little, Chairman of DORE commented: " We are delighted to announce the acquisition of our first onshore wind farm adding further diversity to our existing portfolio. This Swedish wind asset fits well in the technology diversification DORE is pursuing. Our pipeline of potential acquisitions remains healthy, and we look forward to adding further attractive growth opportunities".
DORE also notes that its subsidiary, Downing Hydro AB (DHAB), has completed its acquisitions of the two hydropower portfolios from ÄSI Kraft AB and AB Edsbyn Elverk for EUR 25 million (c.£20.8 million), bringing the total number of Swedish hydropower plants owned by DHAB to 17.
Contact details:
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Downing LLP - Investment Manager to the Company
Tom Williams
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+44 (0)20 3954 9908 |
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Singer Capital Markets - Corporate Broker to the Company
Robert Peel, Alaina Wong, Asha Chotai (Investment Banking) Sam Greatrex, Alan Geeves, James Waterlow, Paul Glover (Sales)
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+44 (0)20 7496 3000
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TB Cardew - Public relations advisor to the Company
Ed Orlebar Tania Wild
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+44 (0)20 7930 0777
+44 (0)7738 724 630 |
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'.
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 LLP is a London-based investment management firm. It has over 25,000 investors and currently manages in excess of £1.7 billion of equity invested 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 more than 130 investments into solar parks, wind farms and hydroelectric plants since 2010.
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
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