UK Investor Downing Lands 96MW Solar Portfolio
Investor Downing Renewables & Infrastructure has completed the acquisition of a 96MWp portfolio of solar PV assets in the UK for a total consideration of £42m.
The portfolio comprises 13 ground-mounted sites located across mainland Great Britain totalling 73MWp, 28 commercial rooftop projects of 10MWp and seven residential rooftop portfolios in Northern Ireland totalling 13MWp.
The assets have an average operating track record of around six years and generated revenue of £12.5 million and EBITDA of £9.9 million in the year to 31 March 2020.
The PV projects are expected to contribute “significantly” to DORE’s target dividend yield going forward, with a particularly strong contribution to yield in the calendar year to 31 December 2021, it said.
This is the second acquisition that the investor has announced since its £122.5m IPO on the London Stock Exchange in December 2020 and a total of £102 million has now been deployed.
Head of energy & infrastructure at Downing LLP Tom Williams said: "The combination of this solar portfolio, the 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 NAV for years to come.”