INVEST RAISE ABOUT INSTITUTIONAL arrow_back BACK DORE acquires first investment since IPO 21 December 2020 Downing is pleased to announce that Downing Renewables & Infrastructure Trust plc ("DORE") has exchanged contracts to acquire its first investment, a portfolio of eight operational hydropower plants (the “Portfolio”) in central and southern Sweden. The Portfolio is being acquired from Fortum Sweden AB (“Fortum") for a purchase price of €64.5 million on a debt and cash free basis and the transaction is expected to complete in February 2021. Hydropower is a key energy source in the drive towards 100% renewable energy in Sweden by 2040 and is a key sector focus for DORE. The sector provides predictable long-term cash flows from assets that have much longer lives than other renewable energy technologies such as wind and solar. The Portfolio comprises eight hydropower plants across three different rivers in Sweden, with annual average production of over 100 GWh. The Portfolio has an operating track record spanning more than five decades. DORE, which raised £122.5 million in its IPO on the London Stock Exchange earlier this month, is targeting investment in a diversified portfolio of renewable energy generating assets and other infrastructure assets in the UK, Ireland and Northern Europe. The initial investment in the Portfolio amounts to approximately 48% of the IPO proceeds. DORE anticipates that the Portfolio will take-out leverage during the course of 2021, which will reduce the amount invested in the Portfolio. Capital released would then be reinvested in the wider pipeline of opportunities available and further diversify the portfolio. This project forms part of the further renewable energy and infrastructure investments identified by Downing LLP and disclosed in DORE’s prospectus dated 12 November 2020. Hugh W M Little, Chair of Downing Renewables & Infrastructure Trust plc said: "This is an exciting first acquisition for DORE with a demonstrable track record in one of our key geographical locations. Diversification is the key descriptor for DORE and this portfolio of hydropower plants epitomises what we set out to invest in to be able to offer our shareholders stable and sustainable returns while supporting the global efforts to combat climate change." Tom Williams, Partner, Head of Energy and Infrastructure at Downing LLP, further commented: “We are delighted to announce our first acquisition on behalf of DORE. This is an exciting portfolio with its eight operational hydropower plants that have been generating for the last 50 years. With our internal asset management team engaged to protect and enhance value, we are confident that this inaugural investment will contribute strongly to DORE’s returns for a long time. This is an important step in delivering on our mandate while working towards a cleaner, greener future.” For any enquiries, please contact lallie.fraser@downing.co.uk Downing Home Our story The team News & views Responsible investing Careers Contact us Invest Bonds EIS Estate planning Downing Fund Managers VCT Existing investor Investor centre Institutional Institutional investors Infrastructure asset management Raise Development Capital Energy Healthcare Leisure Property Wholesale Finance Ventures Ventures home About ventures Portfolio Ventures team Ventures careers Legal & support Privacy & cookie policy Information Security Policy Statement Terms and conditions Terms of business Inducement disclosure FAQs Pillar III Modern slavery statement Fraud prevention Complaints Social Twitter LinkedIn Downing LLP does not provide advice or make personal recommendations and investors are strongly urged to seek independent advice before investing. Investments offered on this website carry a higher risk than many other types of investment and prospective investors should be aware that capital is at risk and the value of their investment may go down as well as up. Any investment should only be made on the basis of the relevant product literature and your attention is drawn to the risk, fees and taxation factors contained therein. Tax treatment depends on individual circumstances of each investor and may be subject to change in the future. Past performance is not a reliable indicator of future performance. Downing LLP is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 545025). Registered in England No. OC341575. Registered Office: St Magnus House, 3 Lower Thames Street, London EC3R 6HD. VAT Number: 112 940 149 We use cookies to ensure that we give you the best experience on our website. Click here for more information. DISMISS Feedback