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March 23, 2021

Downing Renewables acquires UK solar portfolio for $58m

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).

By Umesh Ellichipuram

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).

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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.

“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.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
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