Downing Renewables to back new buys via GBP-50m share placing

Image by: Downing LLP.

June 7 (Renewables Now) - Britain's Downing Renewables and Infrastructure Trust Plc (LON:DORE) today said it will seek to raise GBP 50 million (USD 62.9m/EUR 58.7m) gross from issuing new stock in a deal seen to help it repay debt and back new investments.

More specifically, the renewables investment trust intends to issue up to 250 million ordinary shares at 111 pence apiece, representing a discount of 1.3% to the closing price of its stock on June 6.

The share placement, which opened on Tuesday, is due to close on June 22. Results from the transaction will be announced on June 24, with the new shares due to begin initial trading on June 27.

Downing Renewables will use the fresh funds to repay outstanding debt under its revolving credit facility and to bankroll the purchase of hydropower, wind and solar assets in the UK, Sweden and Finland. Some of the raised proceeds will be allocated to general corporate needs.

According to the filing, the company has a pipeline of near-term investment opportunities totalling more than GBP 200 million. Its investment manager, Downing LLP, is currently holding talks regarding potential acquisitions.

At present, Downing Renewables’ portfolio consists of hydropower, solar and wind assets with a combined capacity of 179 MW.

(GBP 1.0 = USD 1.258/EUR 1.175)

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