REG - Downing Renew& Infra - Icelandic Hydro Plant Enters New Long-Term PPA

Downing Renewables & Infrastructure TrustAnnouncement

08/04/2024 07:00

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RNS Number : 5776J  Downing Renewables & Infrastructure  08 April 2024

08 April 2024

Downing Renewables & Infrastructure Trust plc

(the "Company" or "DORE")

Icelandic Hydro Plant Enters into New Long-Term Power Price Agreement

 

Downing Renewables & Infrastructure Trust plc is pleased to announce that
it has signed a long-term pay-as-produced power purchase agreement (PPA) for
its recently acquired Icelandic hydropower plant, Urðarfellsvirkjun, for 100%
of its electricity production. The euro denominated PPA expires in December
2032, extending the previous contract by 5 years.

 

The plant, which is located in south-central Iceland, has an annual average
production of c. 8 GWh. The PPA counterparty is HS Orka, one of the largest
electricity suppliers in the country,

 

Henrik Dahlström, Investment Director at Downing LLP, commented: "We are
pleased to have secured this long-term PPA at the Urðarfellsvirkjun plant.
Like other electricity producers in Iceland, Urðarfellsvirkjun benefits from
100% inflation-linked take-or-pay offtake arrangements under this agreement
with no exposure to merchant power pricing. We look forward to bringing more
of our Icelandic pipeline to fruition in due course."

 

 

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, 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)

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

 Ed Orlebar                                                          +44 (0)7738 724 630 /

 Tania Wild                                                          +44 (0)7425 536 903

                                                                     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 £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 in this sector, with over £890 million of
assets under management.

 

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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