Downing Renewables & Infrastructure Trust plc: IPO raising £122.5 million

Downing Renewables & Infrastructure Trust plc (‘DORE’) is pleased to announce that it has successfully raised gross proceeds of £122.5 million through a placing, an offer for subscription and an intermediaries offer of ordinary shares of 1 pence each in the capital of the Company at an issue price of 100 pence per Ordinary Share.

Applications will be made for 122,500,000 Ordinary Shares to be admitted to the Premium Segment of the Official List and to trading on the Premium Segment of the London Stock Exchange’s Main Market. The first day of dealings will be 10/12/2020.

The Company will look to provide sustainable income streams with an element of capital growth for its shareholders by investing in a portfolio of renewable energy and infrastructure assets diversified by technology, geography, project stage and revenue type. The Board and Downing LLP, the Company’s investment manager believe that such diversification reduces the overall risk whilst increasing the consistency and stability of revenues.

Hugh W M Little, Chair of Downing Renewables & Infrastructure Trust plc, said:

“We are very pleased with the response we have received and the endorsement of our differentiated proposition from both institutional and retail investors. We are grateful to our new shareholders and look forward to delivering an attractive return for them over the coming years.”

Tom Williams, Partner, Head of Energy and Infrastructure at Downing LLP, said:

“The increasing demand for renewables, driven by broad political support for the transition to ‘net-zero’ emission economies, presents the ideal opportunity for the Company and we are delighted to be launching DORE at this time. The Company will be well positioned to support the growing demand for renewable energy. We look forward to proceeding with the proposed acquisition of the Seed Assets and continuing to progress the wider pipeline, including the hydro and wind assets that are under exclusivity.”

Singer Capital Markets are acting as Sponsor, Financial Adviser and Sole Bookrunner to DORE.

About Downing Renewables & Infrastructure Trust plc

DORE is a newly incorporated investment trust which will invest exclusively in a portfolio of diversified Renewable and Infrastructure assets located in the UK, Ireland and Northern Europe. DORE’s strategy, which focuses on diversification, is designed to increase the stability of revenues and reduce seasonal variability and enhance returns by making some investments into assets that are in construction or are construction-ready.

About Downing LLP

Downing LLP is a London-based investment management firm. It has over 35,000 investors and has raised over £1.7 billion into businesses across a range of sectors, from renewable energy, care homes, health clubs, and children’s nurseries, to technology and sports nutrition. Downing has a demonstrable track record in renewables, having made 116 investments into solar parks, wind farms and hydroelectric plants since 2010.

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