Downing Renew& Infra - Acquisition of UK Solar Assets
27/04/2023 07:00
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RNS Number : 6174X Downing Renewables & Infrastructure 27 April 2023
27 April 2023
Downing Renewables & Infrastructure Trust plc
Acquisition of UK Solar Assets
Downing Renewables & Infrastructure Trust plc (the "Company" or "DORE") is
pleased to announce the acquisition of a portfolio of operational solar PV
assets located in the UK for a cash consideration of £12.6 million. The 13.0
MWp portfolio of two ground-mounted sites and approximately 1,600 commercial
and residential installations benefits from high levels of feed-in tariffs and
renewable obligation certificate subsidies.
The new portfolio will increase the total number of DORE's managed solar
assets to c.4,800 with a total annual average production of 101 GWh. This
continues to support the Company's highly diversified investment strategy
which is designed to increase the stability of revenues and consistency of
income to shareholders.
DORE will remain unaffected by the UK's Electricity Generator Levy ("EGL")
following this acquisition, with the Company having significant headroom in
the EGL's annual allowance.
Following this acquisition, the Company has deployed substantially all of its
remaining cash and expects to draw on its £40 million revolving credit
facility to make future acquisitions.
Tom Williams, Partner, Head of Energy & Infrastructure at Downing LLP,
said: "The expansion of our UK solar portfolio with a further 1,600
installations highlights a continued commitment to portfolio diversification.
This portfolio was particularly attractive due to its high levels of fixed,
inflation-linked revenues. After a strong year of performance and electricity
generation in 2022 from our UK solar portfolio, we feel confident this
acquisition can help continue to provide our investors with sustained, strong
and stable returns."
The Company was advised by TLT Solicitors (Legal), Mazars (Finance and Tax)
and Rina (Technical).
ENDS
Contact details:
Downing LLP - Investment Manager to the Company +44 (0)20 3954 9908
Tom Williams
Singer Capital Markets - Joint Corporate Broker +44 (0)20 7496 3000
Robert Peel, Alaina Wong, Alex Emslie (Investment Banking)
Sam Greatrex, Alan Geeves, James Waterlow, William Gumpel (Sales)
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 to the Company +44 (0)20 7930 0777
Ed Orlebar +44 (0)7738 724 630 / +44 (0)7425 536 903
Tania Wild DORE@tbcardew.com (mailto: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 (http://www.doretrust.com/)
LEI: 2138004JHBJ7RHDYDR62
About Downing LLP
Downing is a responsible investment manager established in London in 1986. We
currently manage £1.9 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.55 professionals dedicated to renewable energy and
infrastructure and a proven track record in renewables. Since 2010, Downing
has made more than 180 investments and has c.£760 million of assets under
management in solar, wind, hydro and battery storage technology.
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
(http://www.downing.co.uk/)
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