QuotedData’s morning briefing 3 July 2024 – DORE, SYNC, HOME, BBOX

in QuotedData’s morning briefing 3 July 2024:

• Downing Renewables & Infrastructure (DORE) announced that Downing Hydro has pre-qualified its first hydropower plant site for participation in the Frequency Containment Reserve markets (FCR) in Sweden. The FCR markets serve to stabilise the Swedish grid. The initial site pre-qualified is the Gottne hydropower plant. The site is expected to start earning revenues from participation in the FCR markets during July 2024. Henrik Dahlström, Investment Director at Downing LLP, commented: “The ability to participate in the FCR markets provides DORE with the opportunity to further optimise its income, earning revenues from both the spot market and the ancillary services markets. DORE will now seek to accelerate the roll-out of FCR participation at further sites across the existing Swedish hydropower estate.”
• Syncona (SYNC) announced that portfolio company Beacon Therapeutics has raised $170m in a Series B financing. SYNC has committed $42.5m. Its holding in Beacon has been written up by £14.1m (2.2p per share); a 17.6 per cent uplift to the 31 March 2024 valuation of the company.
• Beleaguered Home REIT (HOME) is now paying an additional fee on its debt of 7% per annum after failing to refinance its loan with Scottish Widows. The company had been paying an additional 5% fee after wrongdoing by its former manager was exposed. The company had until 28 June to repay the debt in full, but failed to agree terms with a new lender. Scottish Widows has now imposed the increased 7% additional fee and extended the time it has to pay off the loan (which stands at £114.6m) until the end of the year. This will mean the company will have to sell off more of its portfolio than it previously planned.
• Tritax Big Box REIT (BBOX) reports that Moody’s Ratings has upgraded its credit rating outlook to Baa1 (positive) from Baa1 (stable) and reaffirmed the company’s long-term corporate credit rating.