Downing Renewables & Infrastructure targets £50m equity raise and investment policy change

Aims to increase short-term debt

Downing Renewables & Infrastructure trust (DORE) has launched a £50m fundraise in order to pay off outstanding credit and fund an investment pipeline, while also seeking approval to alter its investment policy.

The company is proposing to initially issue over 45m ordinary shares at an issue price of 111p and will then establish a share issuance programme in which it will issue 250m ordinary shares over a period of 12 months. After the outstanding £17.3m drawn down under its revolving credit facility has been paid, any further proceeds from the initial raise will be used to purchase assets in its investment pipeline such as hydropower, wind and solar assets in the UK, Sweden and Finland. Hugh Little, chair of DORE, said: "The company has made excellent progress since its IPO in building a div...