Downing renewables trust secures GBP 122.5m in IPO

Downing Renewables & Infrastructure Trust PLC (DORE) today announced it has completed its initial public offering (IPO) in London, raising GBP 122.5 million (USD 164.9m/EUR 135.9m) in gross proceeds.

The renewables-focus company set up by UK investment fund Downing LLP issued 122.5 million ordinary shares priced at GBP 1.0 each.

As previously stated, the company will invest in renewable energy and infrastructure assets, including wind, solar, hydropower, geothermal technologies. The proceeds from the IPO will be used to fund these investments.

"We are very pleased with the response we have received and the endorsement of our differentiated proposition from both institutional and retail investors," chair Hugh W M Little commented.

(GBP 1.0 = USD 1.347/EUR 1.109)

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