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Downing Renewables & Infrastructure Trust (LSE: DORE) is pleased to announce a proposed issue of ordinary shares in the Company ("Ordinary Shares") to raise target gross proceeds of approximately £50 million at an Issue Price of 111 pence per Ordinary Share (the "Initial Issue"), and to establish a share issuance programme to issue up to 250 million Ordinary Shares (less the number of Ordinary Shares issued under the Initial Issue) over a 12-month period (the "Share Issuance Programme"). The details of the Initial Issue and the Share Issuance Programme will be set out in the Prospectus expected to be published by the Company later today.
The net proceeds from the Initial Issue are expected to be used to repay outstanding monies which have been drawn down under the Company's revolving credit facility ("RCF"), which currently amount to £17.3 million. Any net proceeds in excess of the amount drawn down under the RCF shall be used to purchase assets from an attractive pipeline of investment opportunities, including near-term hydropower, wind and solar assets in the UK, Sweden and Finland, and for general corporate purposes.
The Initial Issue is conditional, inter alia, on the passing of the shareholder resolutions in connection with the Initial Issue to be proposed at a general meeting of the Company (the "General Meeting"), expected to be held on 23 June 2022 (the "Issue Resolutions"). A circular containing a notice convening the General Meeting (the "Circular") is expected to be published by the Company later today. The Circular will also contain proposed changes to the Company's investment policy as detailed below.
Hugh Little, Chair of DORE, commented: "The Company has made excellent progress since its IPO in building a diverse portfolio of renewables projects in the UK and Northern Europe. The Investment Manager has already demonstrated its ability to deliver value for shareholders ahead of expectations through a series of carefully selected and highly-accretive acquisitions. The Company's pipeline, which has in excess of £200 million of near-term opportunities, includes hydro, solar, wind, batteries and utilities across target geographies and construction phases. Raising capital to acquire additional assets has the potential to further grow NAV, increase the diversity of DORE's portfolio, and continue to provide stable returns to shareholders."
About Downing Renewables & Infrastructure Trust plc
DORE is a closed-end investment trust that aims to provide investors with an attractive and sustainable level of income, with an element of capital growth, by investing in a diversified portfolio of renewable energy and infrastructure assets in the UK and Northern Europe. DORE has been awarded the London Stock Exchange's Green Economy Mark in recognition of its contribution to the global 'Green Economy'.
The Board classifies DORE as a sustainable fund with a core objective of accelerating the transition to net zero through its investments, compiling and operating a diversified portfolio of renewable energy and infrastructure assets to help facilitate the transition to a more sustainable future. The Company believes that this directly contributes to climate change mitigation.
DORE's strategy, which focuses on diversification by geography, technology, revenue and project stage, is designed to increase the stability of revenues and the consistency of income to shareholders.
