8th Apr 2024 14:22
Downing Renewables & Infrastructure Trust PLC - investor in solar parks, wind farms and hydroelectric assets - Inks long-term pay-as-produced power purchase agreement for its recently acquired Icelandic hydropower plant, Uroarfellsvirkjun, for all of its electricity production. The agreement expires in December 2032, extending the previous contract by five years. The plant is located in south-central Iceland, and has an annual average production of around gigawatt hours.
Investment Director Henrik Dahlstrom says: "We are pleased to have secured this long-term PPA at the Uroarfellsvirkjun plant. Like other electricity producers in Iceland, Uroarfellsvirkjun benefits from 100% inflation-linked take-or-pay offtake arrangements under this agreement with no exposure to merchant power pricing. We look forward to bringing more of our Icelandic pipeline to fruition in due course."
Current stock price: 76.93 pence
12-month change: down 29%
By Holly Beveridge, Alliance News reporter
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