DORE raises nearly GBP 53m from share issuance

Image by: Downing LLP.

June 24 (Renewables Now) - Downing Renewables & Infrastructure Trust Plc (LON:DORE) said today it has raised some GBP 52.9 million (USD 65m/EUR 62m) in gross proceeds from a previously announced share issuance.

The closed-ended investment trust has received applications in respect of 47.6 million ordinary shares at a price of GBP 1.11 apiece, thereby exceeding the GBP-50-million target size of the initial issue.

“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,” commented Hugh Little, Chair of DORE. He added that as a result of the fundraise, the company’s market capitalisation will surpass GBP 200 million.

(GBP 1 = USD 1.223/EUR 1.165)

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