Downing raises over £50m to boost investment plans

Investment group Downing has announced it has raised over £50m for its renewables trust from its funding round earlier this month.

The equity raise will be used to repay outstanding fees drawn down from the company’s revolving credit facility – which amounts to £17.3m – and to boost its investment portfolio with the acquisition of near-term hydropower, wind and solar assets in the UK, Sweden and Finland.

Downing Renewables and Infrastructure Trust (DORE) raised gross proceeds of £52.9m for 47.6m shares – priced at 111p each.

Hugh Little, chair of DORE, said: “We are delighted to have exceeded our target and raised c.£52.9 million, particularly given the challenging capital markets backdrop. These proceeds will be used to repay the revolving credit facility and to invest in an attractive pipeline of near term opportunities, which are intended to further diversify our portfolio.”

DORE is a closed-end investment trust that trades on the FTSE AIM All-Share.

The fund aims to provide investors with sustainable income and capital growth, through a diversified portfolio of renewable energy and infrastructure assets in the UK and Northern Europe.

Its core objective is accelerating the transition to net zero carbon emissions through its investments, compiling and operating a portfolio of renewable energy and infrastructure assets to help facilitate the transition to a more sustainable future.

The company operating the fund, Downing, is a London-based investment management firm. 

It has over 25,000 investors and currently manages £1.7bn of equity invested into businesses across a range of sectors, from renewable energy, care homes, health clubs, and children’s nurseries, to technology and sports nutrition. 

It has made more than 176 investments into solar parks, wind farms and hydroelectric plants since 2010.


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