Bagnall Energy is taking London-listed Downing Renewables & Infrastructure (DORE) private for £174.6m (€204m).

Bagnall’s subsidiary, Polar Nimrod Topco, is offering DORE shareholders 102.6p per share through a court-sanctioned scheme of arrangement, in a deal that represents a 23.62% premium over the last closing price of 83p.

In March 2025, DORE received an unsolicited all-cash proposal from Bagnall, its largest shareholder with a 25.3% stake, to acquire all DORE’s outstanding ordinary shares not already held by Bagnall. Following negotiations, the terms of this proposal were revised and improved.

DORE is a UK investment trust that invests renewable energy infrastructure across the UK, Ireland and Northern Europe. Its portfolio includes hydropower, grid, grid services and solar assets.

Bagnall is a private investor with a portfolio of renewable energy infrastructure assets such as solar, wind, hydro and battery storage across the UK and Northern Europe. its portfolio comprises 8,649 renewable generation assets within 118 holdings.

James Watson, Bagnall’s chair, said: “We are firm believers in the transformative power of renewable energy infrastructure, and the acquisition of DORE aligns perfectly with Bagnall’s long-term vision and commitment to the sector. However, given challenging public market conditions and DORE’s current lack of scale, we believe that the acquisition will enable it to achieve greater scale, success and operational efficiency.

“For too long, DORE’s true value has not been reflected in its share price, and today’s offer represents an attractive opportunity for DORE shareholders to immediately crystallise value.”  

Hugh Little, DORE’s chair, said: “DORE has consistently delivered on its investment strategy resulting in a strong net asset value and dividend performance since its initial public offering. Despite this, and the proactive steps taken by the board to narrow its share price discount in recent years, the sustained horizon of economic and macro uncertainty has weighed on the share price, which has also limited the opportunities for further raising of new capital, and which may stretch into the mid to long term.

“The board of DORE considers the certainty of the offer by bidco [Polar Nimrod], at a significant premium to the closing share price, to be fair and in the best interest of shareholders.”

An earlier version of this story misstated the offer’s premium; it is 23.62% over the last closing price of 83p.

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