Downing Renewables acquires UK solar portfolio for $58m
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Downing Renewables acquires UK solar portfolio for $58m

23 Mar 2021

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).

Downing Renewables acquires UK solar portfolio for $58m
Downing Renewables and Infrastructure Trust has acquired 50 ground based and rooftop solar assets across the UK. Credit: Istvan Hernek on Unsplash.

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.

“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.