Swedish hydropower loan classified as Green Loan
26 May 2022
Downing Renewables & Infrastructure Trust plc
("DORE" or the "Company")
Swedish hydropower loan classified as Green Loan
Downing Renewables & Infrastructure Trust plc (DORE) is pleased to announce that the EUR 43.5 million debt facility that its subsidiary, Downing Hydro AB, announced in December 2021 has been classified as a Green Loan by the lender, Skandinaviska Enskilda Banken ("SEB"), after meeting the requirements set by SEB's Green Bond Framework. This Framework has been developed to align with the 2021 ICMA Green Bond Principles (GBP) and, more broadly, to the substantial contribution part of the technical screening criteria of the EU Taxonomy as of December 2021 .
Downing Hydro AB entered into a seven-year EUR 43.5 million debt facility with SEB, a leading corporate bank in the Nordics, to finance its initial hydropower portfolio as well as a strong transaction pipeline of further hydropower acquisitions.
Henrik Dahlström, Chairman of Downing Hydro AB, said : "We very much welcome this outcome and value the strategic relationship we have developed with SEB. The formal classification of our debt facility as a green loan serves as a good illustration to the positive environmental impact of DORE's hydropower investment and adds credence to our commitment to sustainable investments and our status as an EU SFDR Article 9 fund with sustainable investment objectives."
Lars-Åke Svensk, Senior Transaction Manager at SEB Project & Infrastructure Finance, said : "Hydropower is an essential element in the Swedish energy production with more than 40% of total production. SEB is very pleased to have the opportunity to cooperate with Downing Hydro in enabling investments in this type of critical and highly sustainable energy infrastructure in Sweden."
ENDS
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 - Joint 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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Winterflood Securities Limited - Joint Corporate Broker to the Company Neil Morgan, Verity Wilson (Corporate Finance) Darren Willis, Andrew Marshall (Sales)
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+44 (0)20 3100 0000 |
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TB Cardew - Public relations advisor to the Company
Ed Orlebar Tania Wild |
+44 (0)20 7930 0777 +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'.
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 that currently manages c.£1.6 billion of equity invested into businesses across a range of sectors - from renewable energy, care homes and healthcare, to property and technology. Downing has a demonstrable track record in renewables, having made more than 175 investments into solar parks, wind farms and hydroelectric plants since 2010.
For further details please visit www.downing.co.uk
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