Vox Markets Logo

Downing Renewables & Infrastructure Trust commences trading on LSE

12:00, 10th December 2020
Francesca Morgan
RNS Newswire

Downing Renewables & Infrastructure Trust (LON:DORE) FOLLOW has commenced trading on the main market of the London Stock Exchange, with the company having raised over £122m.

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."

Follow News & Updates from Downing Renewables & Infrastructure Trust here: FOLLOW


Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.