UK financier Downing lands 96MW solar portfolio

• Detailed renewables gamer fork over ₤ 42m for PV assets in the UK

Capitalist Downing Renewables & Infrastructure has actually completed the acquisition of a 96MWp portfolio of solar PV possessions in the UK for a complete consideration of ₤ 42m.

The portfolio makes up 13 ground-mounted sites located throughout mainland Great Britain amounting to 73MWp, 28 industrial rooftop projects of 10MWp and also seven residential rooftop portfolios in North Ireland totalling 13MWp.

The possessions have a typical operating track record of around six years and also created profits of ₤ 12.5 million and EBITDA of ₤ 9.9 million in the year to 31 March 2020.

The PV projects are expected to contribute "considerably" to DORE's target returns return moving forward, with an especially strong contribution to yield in the calendar year to 31 December 2021, it stated.

This is the 2nd acquisition that the financier has revealed because its ₤ 122.5 m IPO on the London Stock Exchange in December 2020 as well as a total amount of ₤ 102 million has currently been released.

Head of power & framework at Downing LLP Tom Williams stated: "The combination of this solar portfolio, the hydro portfolio procurement in January and the wind project under exclusivity encapsulates DORE's approach of diversity by geography, innovation, building stage and also earnings.

" Together, it provides solid, stable, diversified as well as top quality profits that will certainly underpin DORE's dividend and NAV for several years ahead."