Downing Renewables & Infrastructure Trust PLC (LSE:DORE) has completed the sale of its entire interest in the Gabrielsberget wind farm in Sweden to Angel Wind, a subsidiary of Bagnall Energy.
Completion of the sale crystallises a total return of around 54% over the investment period in Gabrielsberget, said the trust.
DORE purchased Gabrielsberget in January 2022 for a total consideration of £19.8m and has received €36.0m (£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 of 30 September 2024.
DORE will use the funds to repay fully its revolving credit facility, to fund further growth and re-investment across the Company's portfolio of assets in the Nordic region and to fund the company's share buyback programme.
To date, the programme has acquired 7.1% of the total shares in issue.
Tom Williams, Partner, Head of Energy and Infrastructure at Downing LLP, commented: "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."