Downing Renewables & Infrastructure Trust commences trading on LSE
Downing invests in renewable energy generating assets in the UK, Ireland and Northern Europe and raised £122.5m through a placing to invest in its diversified portfolio of assets.
The number of ordinary shares in issue following admission is 122,500,000 while the group is targeting a net asset value total return of 6.5% to 7.5% a year over the medium to long term.
Downing Renewables & Infrastructure Trust announced its plans for an initial public offering on the LSE last month. It planned to raise up to £200m to invest in a diversified renewables portfolio including wind, solar, hydro and geothermal along with other infrastructure assets.
Downing has identified a pipeline worth ‘in excess of £1.5bn, and exclusivity secured on assets with an equity value of c.£70m’ in the wind and hydro sectors in Sweden and Norway.
The company said it expects to secure an option to acquire a seed portfolio for up to £50m comprising around 96MW of operational UK solar PV projects with an average operating track record of six years, generating EBITDA of £9.9 million in the year to 31 March 2020.
Tom Williams, Partner and Head of Energy and Infrastructure at Downing LLP, commented, "We are very pleased to be listing DORE on the Main Market of the London Stock Exchange today and to have been awarded the Green Economy Mark.”
“DORE gives investors the opportunity to invest in core renewables and other infrastructure in the UK and Northern Europe, delivering stable and sustainable returns to shareholders while supporting collective national and global efforts for a cleaner, greener future."
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