12th Aug 2024 14:26
(Alliance News) - Downing Renewables & Infrastructure Trust PLC on Monday said progress has been made regarding its revenue optimisation strategy.
The Leeds, England-based company is an investor in UK and Northern European renewable energy assets.
In June 2023, DRIT acquired Mersey Reactive Power Ltd and its associated fully operational shunt reactor.
The company has successfully renegotiated its contract with the National Grid Electricity System Operator Ltd to provide unlimited additional power to the Merseyside area throughout the year.
The renegotiated contract is expected to increase annual revenue by approximately GBP300,000, equivalent to a 30% boost for the remaining nine years of the contract.
In Sweden, the Gottne hydropower plant has been earning revenue since July 5 after qualifying for the Frequency Containment Reserve markets.
Downing Renewables is now seeking approval for a second plant to participate in the FCR market, with more submissions planned in the future.
Downing Renewables shares were up 0.4% to 77.42 pence each in London on Monday afternoon.
By Elijah Dale, Alliance News reporter
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