Downing Renewables & Infrastructure Acquisition of Swedish Electricity Distributor (8570F)
13 Luglio 2023 - 8:00AM
UK Regulatory
TIDMDORE
RNS Number : 8570F
Downing Renewables & Infrastructure
13 July 2023
13 July 2023
Downing Renewables & Infrastructure Trust plc
(the "Company" or "DORE")
Acquisition of 16-18 GWh Swedish Electricity Distributor
DORE is pleased to announce the acquisition of a Swedish
Electricity Distribution System Operator, Blåsjön Nät AB
("Blåsjön"), for c.GBP7 million. The Company has acquired 100% of
the share capital in Blåsjön, a regulated electricity distributor,
which delivers 16-18 GWh per annum of electricity through medium
and low voltage lines to its c.1,500 domestic and business
customers in Strömsund, northern Sweden.
This is DORE's second acquisition in the grid and grid stability
services sector, and further supports the Company's strategy of
constructing a diversified portfolio designed to increase the
stability of revenues and consistency of income to shareholders.
The acquisition will be funded through the Company's revolving
credit facility, under which drawings and commitments are now
c.GBP18 million.
Blåsjön's grid network is 436km in length and comprises overhead
lines, three primary and 161 secondary substations. Blåsjön
operates a licensed monopoly in a highly regulated environment,
generating consistent and predictable cashflows that are correlated
to Swedish inflation and interest rates. Grid networks like this
are operating businesses with very long-life assets that are
expected to operate and generate substantial yields for
generations.
Tom Williams, Partner, Head of Energy & Infrastructure at
Downing LLP, said: "The accretive acquisition of Blåsjön highlights
our continued ambition to further diversify DORE's portfolio. By
investing in long-life assets like electricity distribution grids,
the Company can access long term, inflation-linked revenues that
are not dependent on the sale of electricity in the wholesale
market. We are excited by this and potential future investments
that the Company can make in this sector."
ENDS
Contact details:
Downing LLP - Investment Manager to the
Company
Tom Williams +44 (0)20 3954 9908
Singer Capital Markets - Joint Corporate
Broker
Robert Peel, Alaina Wong, Alex Emslie
(Investment Banking)
Sam Greatrex, Alan Geeves, James Waterlow,
William Gumpel (Sales) +44 (0)20 7496 3000
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 +44 (0)20 7930 0777
to the Company
+44 (0)7738 724
Ed Orlebar 630
Tania Wild +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 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
LEI: 2138004JHBJ7RHDYDR62
About Downing LLP
Downing is a responsible investment manager established in
London in 1986. We currently manage GBP1.9 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 180 investments and has c.GBP760 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
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