Downing Renewables & Infrastructure Trust has become a listed entity on the main market of the London Stock Exchange, having raised over £122m.
The company raised the £122.5m through a placing to invest in its diversified portfolio of renewable energy generating assets and other infrastructure assets in the UK, Ireland and Northern Europe, targeting a net asset value total return of 6.5% to 7.5% a year over the medium to long term.
The total number of ordinary shares in issue immediately following admission is 122,500,000.
In early November Downing Renewables & Infrastructure Trust announced plans for an initial public offering to raise up to £200m to invest in a diversified renewables portfolio that includes wind, solar, hydro and geothermal along with other infrastructure assets in the UK, Ireland and Northern Europe.
The company said it has identified and expects to secure an option to acquire a seed portfolio for up to £50m comprising of 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.
Downing partner and energy and infrastructure head Tom Williams said: “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.”