Downgrade option will enable once you have used live connection and not extract.
New version contains hyper extract and it will not downgrade to tde.
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The reason why it is greyed out because your extract is already using hyper extension. In order to enable the export as version
1) Change the connection to live
2) File --> Export as version --> Save as version which you want
3) Open the downgraded version with lower version
4) Then provide the credentials since it is a live connection
5) then create a extract which will be saved as .tde
Check the below link for same:
Hope this helps
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