REG - Downing Renew& Infra - Acquisition of three Swedish Hydropower plants

Downing Renewables & Infrastructure TrustAnnouncement

02/09/2024 07:00

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RNS Number : 4182C  Downing Renewables & Infrastructure  02 September 2024

2 September 2024

Downing Renewables & Infrastructure Trust plc

(the "Company" or "DORE")

Acquisition of Three Swedish Hydropower Plants

The Board of DORE is pleased to announce it has committed to acquire three
Swedish hydropower plants and their associated storage reservoirs. The
combined expected annual average production is c. 7 GWh, with a potential
increase of 0.5 GWh after further upgrades have taken place. The total
investment is expected to be c. £5m.

All three hydro plants, Hagby, Gyttorp and Hammarby, are located on the
Norasjön River in the Örebro County in the SE3 price region in Sweden. Two
of the plants - Gyttorp and Hagby - were built in 1946 and 1952 respectively
and underwent extensive refurbishment in 2007. Hammarby was built in 1982 and
recently underwent a significant upgrade.

The transaction offers a strategic opportunity to extend the current portfolio
into a new geographical area of SE3. The three hydropower plants benefit from
storage and consequently allow the portfolio to benefit from an attractive
revenue profile, with a significant part of its production during the winter
months.

Once the transaction completes, the Company's hydropower portfolio will have
37 assets with a forecast annual average production of c. 222 GWh.

Tom Williams, Partner, Head of Energy and Infrastructure at Downing LLP,
commented: "We are excited to expand our hydropower portfolio across the SE3
region in Sweden with the addition of these three new hydropower plants on the
Norasjön River. Hydropower continues to be a key element of our investment
strategy in Sweden and, by bringing these plants into DORE's portfolio, we can
benefit from cost efficiencies and our digitalisation and revenue optimisation
programmes."

ENDS

 

LEI: 2138004JHBJ7RHDYDR62

Contact

 

 Downing - 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, Jalini Kalaravy (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)

 Cardew Group - Public relations advisor to the Company              +44 (0)20 7930 0777

 Tania Wild                                                          +44 (0)7425 536 903

 Henry Crane                                                         +44 (0)7918 207157

                                                                     DORE@cardewgroup.com (mailto:DORE@cardewgroup.com)

 

About Downing Renewables & Infrastructure Trust plc

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 (http://www.doretrust.com/) .

About Downing

Downing is a responsible investment manager established in London in 1986. We
currently manage £2 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 190 investments and has over £890 million of assets under
management in this sector.

For further details please visit www.downing.co.uk

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.

 

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