LONDON, UK: Downing Renewables & Infrastructure Trust plc (DORE) has completed the acquisition of an operational 46 MW onshore wind project located in north east Sweden for a total consideration of approximately EUR 23.8 million (c.£19.8 million). The acquisition has been funded on an ungeared basis using the group’s cash resources.
The wind farm is powered by 20 Enercon E-82 2.30 MW turbines and is located on a plateau in north eastern Sweden at approx. 220 metres above sea level in the SE2 pricing region. The project has been operational since 2011. Operation and maintenance services are provided by Enercon GmbH. The asset is expected to generate c. 108 GWh of electricity per annum.
Hugh Little, Chairman of DORE commented: “We are delighted to announce the acquisition of our first onshore wind farm adding further diversity to our existing portfolio. This Swedish wind asset fits well in the technology diversification DORE is pursuing. Our pipeline of potential acquisitions remains healthy, and we look forward to adding further attractive growth opportunities”.
DORE also notes that its subsidiary, Downing Hydro AB (DHAB), has completed its acquisitions of the two hydropower portfolios from ÄSI Kraft AB and AB Edsbyn Elverk for EUR 25 million (c.£20.8 million), bringing the total number of Swedish hydropower plants owned by DHAB to 17.
DORE is a closed-end investment trust that aims to provide investors with an attractive and sustainable level of income, with an element of capital growth, by investing in a diversified portfolio of renewable energy and infrastructure assets in the UK and Northern Europe. DORE has been awarded the London Stock Exchange’s Green Economy Mark in recognition of its contribution to the global ‘Green Economy’.