UK-based Downing Renewables and Infrastructure Trust (DORE) has acquired a 96MW-peak solar portfolio in the UK for a total consideration of $58m (£42m).

As part of the deal, DORE acquired 50 photovoltaic assets located across the UK.

Described as ‘seed assets’ in the company’s prospectus, the portfolio includes 13 ground-mounted sites with 73MW peak capacity. It also includes 28 commercial rooftop assets totalling 10MW-peak.

Seven residential rooftop portfolios in Northern Ireland with a total capacity of 13MW-peak also form part of the portfolio.

Downing Energy and Infrastructure head Tom Williams said: “The combination of this solar portfolio, our hydro portfolio acquisition in January and the wind project under exclusivity encapsulates DORE’s strategy of diversification by geography, technology, construction stage and revenue.

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“Together, it provides strong, stable, diversified and high-quality earnings that will underpin DORE’s dividend and net asset value for years to come.”

The deal was concluded pursuant to an option agreement signed on 12 November 2020.

A DORE spokesperson said the acquired solar assets will significantly contribute to DORE’s target dividend yield.

This is the second acquisition the company has announced since its £122.5m floatation on the London Stock Exchange in December 2020. The company has now deployed a total of £102m.

Additionally, DORE has entered into an exclusivity agreement to acquire a 40% stake in a Swedish near-shore windfarm project with 100MW capacity.