Downing Renew& Infra - Increase of Revolving Credit Facility
26/01/2023 07:00
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RNS Number : 9493N Downing Renewables & Infrastructure 26 January 2023
26 January 2023
Downing Renewables & Infrastructure Trust plc
Increase of Revolving Credit Facility
Downing Renewables & Infrastructure Trust plc (the "Company" or "DORE")
has increased its revolving credit facility ("RCF") with Santander from £25m
to £40m. The additional capital available will facilitate further investment
in the Company's robust pipeline of acquisition opportunities.
The terms of the RCF will now include a 'Green Projects' initiative and will
operate under the Loan Market Association's (LMA) Green Loan Principles, a
framework of market standards and guidelines that provides a consistent
methodology for use across the green loan market.
Under the 'Green Projects' criteria, the RCF can only be used in connection
with assets that present environmental benefits and appropriate green
credentials. Additional monitoring and reporting obligations on the
environmental benefits delivered by such assets will be required, which
comfortably aligns with DORE's current investment strategy as an Article 9
fund.
Tom Williams, Partner, Head of Energy & Infrastructure at Downing LLP,
said: "The increased RCF will enable us to fund acquisitions from our
attractive near-term pipeline of assets. The 'Green Projects' criteria serve
as a good illustration of the positive environmental impact of DORE's
investment strategy This adds credence to DORE's commitment to sustainable
investments as an Article 9 and 'Green Economy' fund. DORE's focus remains on
delivering stable returns for investors across a diversified portfolio of
renewable energy assets and to explore opportunities that will deepen its
commitment to net zero."
Ioana Bozan, Director of Specialised & Project Finance, Santander, said:
"Santander's deal team is delighted to continue supporting DORE's acquisition
pipeline and enabling the transition to a low carbon future with an upsized
£40m debt facility, operating under the LMA's Green Loan Principles. It has
been a pleasure continuing to work with Downing's investment management team
and cementing our relationship, whilst delivering bespoke, flexible funding
and unlocking further opportunities."
ENDS
Contact details:
TB Cardew - Public relations advisor to the Company +44 (0)20 7930 0777
DORE@tbcardew.com (mailto:DORE@tbcardew.com)
Ed Orlebar +44 (0)7738 724 630
Tania Wild +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' 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 £1.8 billion of assets under a broad range of investment
mandates across our funds, investment trusts and tax-efficient products.
Focused on creating a sustainable future, our key investment areas are
renewable energy, infrastructure, property and healthcare.
Downing has c.50 professionals dedicated to renewable energy and
infrastructure and a proven track record in renewables. Since 2010, Downing
has made more than 175 investments and has c.£785 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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