Downing Renewables & Infrastructure Trust (DORE) has raised £122.5m (€133.4m) by issuing shares at 100p each as the company plans to list on the London Stock Exchange.
Last month, investment manager Downing announced plans to raise up to £200m for DORE in an initial public offering and list the vehicle on the stock exchange. The fundraising had a £100m minimum target.
At the time, Downing said it had identified and expects to secure an option to acquire a seed portfolio for up to £50m comprising of 96MWp of operational UK solar projects. The investment manager said it is also in talks to invest £70m in the wind and hydro sectors in Sweden and Norway.
Hugh W M Little, chair of Downing Renewables & Infrastructure Trust 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, 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.”
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