19th Jun 2023 11:57
Downing Renewables & Infrastructure Trust PLC - investor in solar parks, wind farms and hydroelectric assets - Signs deal to buy Mersey Reactive Power Ltd, a 200 megavolt ampere shunt reactor for about GBP11.0 million in cash. A shunt reactor is used in high voltage energy transmission systems to stabilise the voltage during load variations. Says the investment will be made using its GBP40 million revolving credit facility, forecast to be accretive to the firm's returns. Says the acquisition will offer a long-term revenue stream for DORE.
Head of Energy & Infrastructure at Downing LLP, Tom Williams says: "The opportunity to further diversify DORE's portfolio and provide essential grid services in the UK is one that we could not overlook, and we are excited by our pipeline of potential opportunities in this sector of the energy market. Voltage management and grid stability are critical to the future success of decarbonisation."
Current stock price: 103.78 pence, up 0.3% on Monday midday in London
12-month change: down 6.9%
By Xindi Wei, Alliance News reporter
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