Downing Renewables & Infrastructure Trust (DORE) has completed the sale of its entire interest in Gabrielsberget wind farm in Sweden to Angel Wind, a subsidiary of Bagnall Energy.
Completion of the sale crystallises a total return of c.54% over DORE’s investment period in Gabrielsberget, the investor said.
DORE purchased Gabrielsberget in January 2022 for a total consideration of £19.8m and has received €36m (£29.8m) from the sale proceeds and dividends during its period of ownership.
The total consideration, inclusive of hedging, was at a slight premium to the carrying value in the NAV as at 30 September 2024, DORE said.
A series of contractual and operational improvements undertaken by the Company’s asset management team over this period have been the principal drivers behind this valuation uplift.
The proceeds of the sale will enable DORE to fully repay its revolving credit facility, to fund further growth and re-investment across the Company’s portfolio of assets in the Nordic region.
It will also fund the Company’s share buyback programme, which to date has returned to shareholders 7.1% of the total shares in issue at the start of the programme.
Tom Williams, partner and head of energy and infrastructure at Downing LLP, said: "This outcome is testament to our team’s continued ability to identify value-accretive investment opportunities, which will be further supported by the capital unlocked from this transaction."
