London-listed Downing Renewables & Infrastructure Trust has invested £42m (€48.8m) to buy a portfolio of UK solar assets.
Downing Renewables, which raised £122.5m in December last year, said it has bought the 96MWp portfolio of 50 solar photovoltaic assets located in mainland Great Britain and Northern Ireland.
The transaction was completed pursuant to an option agreement entered into on 12 November 2020, the company said.
The latest deal is the second acquisition that Downing Renewables has announced since its initial public offering in December and a total of £102m has now been deployed, the company said.
The company has also announced that it has entered into an agreement to acquire a 40% stake in a 100MW near-shore windfarm construction asset in Sweden.
Downing Renewables is targeting investment in a diversified portfolio of renewable energy generating assets and other infrastructure in the UK, Ireland and Northern Europe.
Tom Williams, the head of energy and infrastructure at Downing LLP, said the combination of this solar portfolio, the hydro portfolio acquisition in January and the wind project under exclusivity encapsulates the firm’s strategy of diversification by geography, technology, construction stage and revenue.
“Together, it provides strong, stable, diversified and high-quality earnings that will underpin the company’s dividend and NAV for years to come.”
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