Published: 23 Jun 2022, 09:55
DORE is intending to use to funds raised to pay off its revolving credit facility and expand its portfolio. Image: DORE.
Downing Renewables & Infrastructure Trust (DORE) has raised c.£52.9 million to repay its revolving credit facility.
The company received applications for 47,614,000 ordinary shares at a price of 111p per share, exceeding its target of £50 announced in June.
“We are delighted to have exceeded our target and raised c.£52.9 million, particularly given the challenging capital markets backdrop,” said Hugh Little, chair of DORE.
“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. This fundraise represents c.35% of the Company’s Ordinary Share.”
In 2021, DORE acquired a 96MWp portfolio of UK solar PV assets for £42 million, made up of 13 ground-mount sites with a total capacity of c.73MWp, 28 commercial rooftops with a capacity of c.10MWp and seven residential rooftop portfolios across Northern Ireland with a total capacity of c.13MWp.
The company’s strong asset performance drove its profit on investments 16.9% above expectations earlier this year, with portfolio generation 4.7% above expectations at 195GWh.
DORE’s initial issue of ordinary shares is conditional on the resolutions passing at the company’s general meeting and admission of the shares to the official list and to trading on the London Stock Exchange. A further announcement will follow the general meeting.