Downing Renewables & Infrastructure Trust PLC (LSE:DORE) (DORE) confirmed the acquisition of five hydropower plants in Sweden.
Purchased for around £6 million in December 2023, the assets are predicted to have an average annual production of 9GWh.
These plants, which are located in Sweden’s SE2 and SE3 pricing region, will benefit from “meaningful reservoir capacity” which provides the assets with better water storage and management to improve production.
With this recent addition, the trust’s hydropower portfolio now comprises 34 assets, forecasting an annual average production of approximately 215 GWh.
Tom Williams, partner and head of energy and infrastructure at Downing LLP, said: "Following our recent Icelandic hydropower acquisition, we are pleased to add another five hydro plants to the DORE portfolio.
“We are also delighted with the progress of the software and hardware upgrades to the hydropower fleet and hope to see the first facilities participating in the Swedish frequency markets this quarter."
DORE said it also upgraded its hydropower plants for participation in the frequency containment markets.
Shares in the group are up 2.3% in 2024, trading at 90p.