Downing trust picks up solar assets

Downing Renewables & Infrastructure Trust has competed the acquisition of solar PV assets in Great Britain and Northern Ireland totalling 96MWp. It paid  £42M (including working capital balances and cash held by the portfolio companies).

The portfolio comprises:

  • 13 ground-mounted sites located across GB totalling 73MW
  • 28 commercial rooftop assets totalling 10MW
  • 7 residential rooftop portfolios in Northern Ireland totalling 13MW

The Assets have an average operating track record of around six years and generated revenue of £12.5 million and EBITDA of £9.9 million in the year to 31 March 2020.

This is the second acquisition that DORE has announced since a £122.5 million IPO on in December last year and it has now deployed  £102 million. It has exclusivity secured on assets with a total equity value of approximately £70 million in the wind and hydro sectors in Sweden and Norway. It also announced plans to  acquire a 40% stake in a 100MW near-shore windfarm under construction in Sweden.

The company says it is aiming for a diversified portfolio of renewable energy generating assets and other infrastructure, which balances higher yielding, lower capital growth of defined life assets such as solar and wind, with lower yielding, higher capital growth assets such as hydro, in the UK, Ireland and Northern Europe.