Downing Renewables & Infrastructure Trust (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 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, 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.”