Downing is seeking to raise up to £200m (€218m) for a renewable energy and infrastructure vehicle via a share issue and list the vehicle on the London Stock Exchange.
The Downing Renewables & Infrastructure Trust (DORE) intends to launch the initial public offering by issuing shares at 100p each in order to raise capital to invest in a portfolio of renewable energy generating assets in the UK, Ireland and Northern Europe.
DORE has secured up to up to £30m of cornerstone investment from investment manager Downing and Downing managed funds.
Downing said it has 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 is also in talks to invest £70m in the wind and hydro sectors in Sweden and Norway.
Downing said it expects a substantial amount of the net proceeds of the fundraising to invested within 12 months of admission
Tom Williams, head of energy and infrastructure at Downing, said: “Renewable energy plays a critical role in satisfying energy demand as Europe accelerates its transition away from fossil fuels in an effort to meet carbon reduction targets.
“DORE will focus on delivering sustainable income streams and capital growth by investing in a portfolio of renewable energy and infrastructure assets diversified not only by technology but by geography, project stage and revenue.”
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