Downing Renewables & Infrastructure Exclusivity agreement for grid and hydro portfolio (9629Z)
27 May 2021 - 4:00PM
UK Regulatory
TIDMDORE
RNS Number : 9629Z
Downing Renewables & Infrastructure
27 May 2021
27 May 2021
Downing Renewables & Infrastructure Trust plc
("DORE" or "the Company")
DORE signs exclusivity agreement to acquire Swedish grid and
hydropower portfolio
Downing Renewables & Infrastructure Trust plc ("DORE") has
signed an exclusivity agreement with AB Edsbyns Elverk, a local
Swedish multi-utility ("EE") to buy EE's subsidiary Elektra Nät AB
("Elektra") and a portfolio of three hydropower plants. Elektra is
a local regulated electricity distribution company in Edsbyn,
central Sweden.
DORE has submitted an indicative bid in excess of SEK 300
million (approx. GBP25.5 million), whose confirmation is subject to
final due diligence by the Company and approval by EE shareholders
at its Annual General Meeting on 29 June. The assets are in line
with DORE's investment strategy and the acquisition of Elektra will
be DORE's first of a utility company. If acquired, DORE plans to
continue investing in Edsbyn, as a hub for its investment in the
Swedish renewable energy and electricity distribution sectors.
EE's portfolio of three hydropower plants, with a total annual
generation of c.33GWh, complement DORE's current hydropower assets
in Sweden and are located nearby.
DORE, which raised GBP122.5 million in its IPO on the London
Stock Exchange in December 2020, is building a diversified
portfolio of renewable energy generation and other infrastructure
in the UK, Ireland and Northern Europe.
Tom Williams, Head of Energy & Infrastructure at Downing
LLP, said:
"This proposed acquisition further diversifies DORE's portfolio
and revenue, with the addition of long-term regulated revenues from
Elektra that are not exposed to energy prices. We are particularly
excited about the possibility of building on the strong foundations
in Edsbyn and growing the business there into a hub for our broader
operations in the sector in Sweden."
www.doretrust.com
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 (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 / Tania Wild +44 (0)7738 724
630 / +44 (0)7425
536 903
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'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
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 119 investments into solar parks, wind
farms and hydroelectric plants since 2010. For further details
please visit www.downing.co.uk
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END
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