Downing Renewables & Infrastructure Trust (DORE) has sold the Gabrielsberget wind farm in Sweden to Angel Wind, a subsidiary of Bagnall Energy.
DORE purchased Gabrielsberget in January 2022 for a total consideration of £19.8 million ($25 million) and has received €36 million ($38 million) from the sale proceeds and dividends during its period of ownership. DORE said a series of contractual and operational improvements undertaken by the company’s asset management team during this period is the principal driver behind this valuation uplift.
This represents DORE's first asset disposal, which was at a slight premium to the carrying value in the NAV as of Sept. 30, 2024. Completion of the sale crystallizes a total return of approximately 54 percent during DORE’s investment period in Gabrielsberget.
The proceeds of the sale will enable DORE to fully repay its revolving credit facility, to fund further growth and reinvestment across the company’s portfolio
