LONDON, UK: Downing Renewables & Infrastructure Trust plc (DORE) has agreed to acquire two operational hydropower plants located in Sweden’s SE2 pricing region for a total of £5.1 million (€5.8 million). The acquisitions are being funded through Downing Hydro AB (DHAB) using available cash reserves.

The first acquisition, completed in February 2023, is a c. 2.5 GWh hydropower plant in Högforsen, on the Gillerån river, a tributary to the Indalsälven river. The plant was commissioned in 1915 and in 2011, the plant underwent a major renovation, including replacement of generator, turbine and control system.

The second acquisition is of a c. 6 GWh hydropower plant in the municipality of Gottne, located on the Moälven river. The plant underwent a major refurbishment in 2015. The acquisition is scheduled to be completed early March 2023.

The acquisitions increase the total number of DORE’s managed Swedish hydropower plants to 28 with a total annual average production of 197 GWh. The new hydropower plants will be integrated into the existing portfolio and will continue to support DORE’s highly diversified investment strategy, designed to increase the stability of revenues and consistency of income to shareholders.

Magnus Olofsson, the vendor of the Gottne hydropower plant and a director of DHAB, is a related party of the Company under the Listing Rules.

Tom Williams, Partner, Head of Energy & Infrastructure at Downing LLP, said: “We are excited not only by the potential of these two attractive acquisitions but also the other well advanced projects in our near term pipeline. Hydropower is a crucial source of renewable power in the energy transition thanks to its storable quality which helps reduce price volatility and maximises the value of the energy stored for both end users and our investors. With hydropower quickly becoming a prevalent player within our accrescent portfolio, we remain committed to our track-proven investment strategy of diversification across geography, technology, revenue and project stage.”