Downing Renewables & Infrastructure Trust plc:
Capital Raise of £52.9 million
Singer Capital Markets is delighted to have acted as Sponsor, Financial Adviser and Joint Bookrunner to Downing Renewables & Infrastructure Trust plc on its Capital Raise of £52.9 million.
The Company has raised gross proceeds of c.£52.9 million through the issue of 47,614,00 Ordinary Shares at a price of 111 pence per Ordinary Share via an Initial Placing, Open Offer, Initial Offer for Subscription and Initial Intermediaries Offer, exceeding the target size of the Initial Issue of £50 million.
The net proceeds from the Initial Issue are to be used to repay outstanding monies which have been drawn down under the Company’s revolving credit facility, which currently amount to £17.3 million. Net proceeds in excess of the amount drawn down under the RCF shall be used to purchase assets from an attractive pipeline of investment opportunities, including near-term hydropower, wind and solar assets in the UK, Sweden and Finland, and for general corporate purposes.
Hugh Little, Chairman of DORE, commented:
“We are delighted to have exceeded our target and raised c.£52.9 million, particularly given the challenging capital markets backdrop. These proceeds will be used to repay the revolving credit facility and to invest in an attractive pipeline of near term opportunities, which are intended to further diversify our portfolio.
This fundraise represents c. 35% of the Company’s Ordinary Share capital immediately prior to the Initial Issue and as a result, our market cap will exceed £200 million. We would like to thank our shareholders, both existing and new, for their support and look forward to updating on progress in the coming months as we seek to deliver further value for them.”
About Downing Renewables & Infrastructure Trust plc
DORE is a closed-end investment trust that aims to provide investors with an attractive and sustainable level of income, with an element of capital growth, by investing in a diversified portfolio of renewable energy and infrastructure assets in the UK and Northern Europe. DORE has been awarded the London Stock Exchange’s Green Economy Mark in recognition of its contribution to the global ‘Green Economy’.
Market Cap: £152.76 million*
Website: Click here
*As at 23/06/2022
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