Downing Renewables & Infrastructure Trust (DORE) has acquired a 13MW portfolio of operational solar PV assets located for £12.6 million. DORE said it has now deployed substantially all of its remaining cash and expects to draw on its £40 million revolving credit facility to make future acquisitions.
The two ground-mounted sites and approximately 1,600 commercial and residential installations have high levels of feed-in tariffs and renewable obligation certificate subsidies.
The new portfolio will increase the total number of DORE’s managed solar assets to 4,800 with a total annual average production of 101GWh.
DORE said it will be unaffected by the UK’s Electricity Generator Levy following this acquisition, as it has significant headroom in the EGL’s annual allowance.
Tom Williams, Partner, Head of Energy & Infrastructure at Downing LLP, said: “The expansion of our UK solar portfolio with a further 1,600 installations highlights a continued commitment to portfolio diversification. This portfolio was particularly attractive due to its high levels of fixed, inflation-linked revenues. After a strong year of performance and electricity generation in 2022 from our UK solar portfolio, we feel confident this acquisition can help continue to provide our investors with sustained, strong and stable returns.”