Downing Renewables & Infrastructure Trust plc (Company or DORE) has increased its revolving credit facility (RCF) with Santander from £25m to £40m. The additional capital available will facilitate further investment in the Company‘s robust pipeline of acquisition opportunities.
The terms of the RCF will now include a ‘Green Projects’ initiative and will operate under the Loan Market Association’s (LMA) Green Loan Principles, a framework of market standards and guidelines that provides a consistent methodology for use across the green loan market.
Under the ‘Green Projects’ criteria, the RCF can only be used in connection with assets that present environmental benefits and appropriate green credentials. Additional monitoring and reporting obligations on the environmental benefits delivered by such assets will be required, which comfortably aligns with DORE’s current investment strategy as an Article 9 fund.
Tom Williams, Partner, Head of Energy & Infrastructure at Downing LLP, said: “The increased RCF will enable us to fund acquisitions from our attractive near-term pipeline of assets. The ‘Green Projects’ criteria serve as a good illustration of the positive environmental impact of DORE’s investment strategy This adds credence to DORE’s commitment to sustainable investments as an Article 9 and ‘Green Economy’ fund. DORE’s focus remains on delivering stable returns for investors across a diversified portfolio of renewable energy assets and to explore opportunities that will deepen its commitment to net zero.”
Ioana Bozan, Director of Specialised & Project Finance, Santander, said: “Santander’s deal team is delighted to continue supporting DORE’s acquisition pipeline and enabling the transition to a low carbon future with an upsized £40m debt facility, operating under the LMA’s Green Loan Principles. It has been a pleasure continuing to work with Downing’s investment management team and cementing our relationship, whilst delivering bespoke, flexible funding and unlocking further opportunities.”
About Downing Renewables & Infrastructure Trust plc (DORE)
DORE is a closed-end investment trust that aims to provide investorswith an attractive and sustainable level of income, with an element of capitalgrowth, by investing in a diversified portfolio of renewable energy andinfrastructure assets in the UK and Northern Europe. DORE has been awarded the LondonStock Exchange's Green Economy Mark in recognition of its contribution to theglobal 'Green Economy' and also in 2022 DORE won ‘Renewables Fund of the Year’at the Sustainable Investment Awards.
The Board classifies DORE as a sustainable fund with a core objective ofaccelerating the transition to net zero through its investments, compiling andoperating a diversified portfolio of renewable energy and infrastructure assetsto help facilitate the transition to a more sustainable future. The Company believesthat this directly contributes to climate change mitigation.
DORE's strategy, whichfocuses on diversification by geography, technology, revenue and project stage,is designed to increase the stability of revenues and the consistency of incometo shareholders. For further details please visitwww.doretrust.com