TIDMDORE
RNS Number : 7841L
Downing Renewables & Infrastructure
15 January 2021
15 January 2021
Downing Renewables & Infrastructure Trust plc
("DORE" or "the Company")
DORE signs exclusivity agreement for 100MW Swedish wind farm
construction project
Downing Renewables & Infrastructure Trust plc ("DORE") has
signed an exclusivity agreement with Bagnall Energy Limited
("Bagnall") in relation to a proposed investment in a 100 MW
nearshore, shallow water wind farm to be constructed in Lake Vänern
in southern Sweden (the "Wind Farm"), developed by Cloudberry Clean
Energy AS ("Cloudberry").
Bagnall is part of the Downing Estate Planning Service, which is
managed by Downing LLP, DORE's investment manager.
The exclusivity agreement gives DORE the option to enter into a
commitment for the Wind Farm once certain conditions have been met.
Once these conditions have been met, DORE would own c.40% of the
project, with Bagnall and Cloudberry owning c.40% and 20%
respectively. Confirmation of the acquisition is expected to be be
announced in the summer of 2021.
The 100 MW wind farm project in Lake Vänern is the second wind
farm on the lake and is situated close to existing grid
infrastructure. It includes 16 turbines with an estimated annual
power production around 350 GWh, significantly strengthening the
access to clean and renewable energy in the region.
DORE, which raised GBP122.5 million in its IPO on the London
Stock Exchange in December 2020, is targeting investment in a
diversified portfolio of renewable energy generating assets and
other infrastructure assets in the UK, Ireland and Northern
Europe.
This project forms part of the renewable energy and
infrastructure pipeline identified by Downing LLP and disclosed in
DORE's prospectus dated 12 November 2020.
Tom Williams, Head of Energy & Infrastructure at Downing
LLP, said:
"We are delighted to sign this exclusivity agreement today with
the option to co-invest with Bagnall. We look forward to commencing
the imminent construction of the 16-turbine project with an
operational launch date for 2023/24. Cloudberry is a leading
hydropower and wind power plant expert in the Nordics and the wind
farm is going to significantly improve the region's access to clean
and renewable energy, supporting our mandate of investing in a
diversified portfolio of high-quality renewable projects while
continuing to play our part in global efforts to combat climate
change."
www.doretrust.com
www.cloudberry.no
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU no. 596/2014).
Link Company Matters Limited
Company Secretary
21 December 2020
ENDS
Contact details:
Downing LLP - Investment Manager to the Company
+44 (0)20 3954
Tom Williams 9908
N+1 Singer - Corporate Broker
Robert Peel, Alan Ray, Carlo Spingardi (Investment
Banking)
Sam Greatrex, Alan Geeves, James Waterlow, +44 (0)20 7496
Paul Glover (Sales) 3000
TB Cardew - Public relations advisor to the +44 (0)20 7930
Company 0777
Ed Orlebar +44 (0)7738 724
Tania Wild 630 / +44 (0)7425
536 903
DORE@tbcardew.com
About Downing Renewables & Infrastructure Trust plc
(DORE)
DORE is a closed-end investment trust that invests exclusively
in a portfolio of diversified Renewable and Infrastructure assets
located in the UK, Ireland and Northern Europe. DORE's strategy,
which focuses on diversification, is designed to increase the
stability of revenues and reduce seasonal variability and enhance
returns by making some investments into assets that are in
construction or are construction-ready. For further details please
visit www.doretrust.com
LEI: 2138004JHBJ7RHDYDR62
About Downing LLP
Downing LLP is a London-based investment management firm. It has
over 25,000 investors and has raised over GBP1.7 billion into
businesses across a range of sectors, from renewable energy, care
homes, health clubs, and children's nurseries, to technology and
sports nutrition. Downing has a demonstrable track record in
renewables, having made 116 investments into solar parks, wind
farms and hydroelectric plants since 2010. For further details
please visit www.downing.co.uk
About Cloudberry Clean Energy
Cloudberry Clean Energy AS is a Nordic renewable energy company.
We own, develop and operate hydro power plants and wind farms in
Norway and Sweden. Our purpose is to provide clean renewable energy
for future generations, developing a sustainable society for the
long term and creating value for our stakeholders. We believe in a
fundamental long-term demand for renewable energy in the Nordics
and Europe. Our purpose shapes every aspect of how Cloudberry
operates.
Cloudberry has a strong commitment to local communities. Our
integrated value chain approach ensures local presence and
optimisation of stakeholder alignment and value creation. Our
long-term growth strategy rests upon our ability to create value
for stakeholders, and our ability to use the best possible
technology available, bring down costs, improve sustainability and
make an important contribution to the necessary European energy
transition. We will realise growth through organic greenfield
development and by taking part in structural development of the
Nordic renewable energy industry.
We are a public Euronext Growth company supported by strong
owners and led by an experienced management team and board. Our
offices are in Oslo, Norway (main office) and Karlstad, Sweden. To
learn more about Cloudberry, go to www.cloudberry.no
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END
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