September 30 (Renewables Now) – Britain’s Downing Renewables and Infrastructure Trust Plc (LON: DORE) said on Wednesday it would seek to raise up to £ 25million (US $ 33.7million / US $ 28.9million) euros) through the sale of new shares to diversify its portfolio of green energy and infrastructure assets.

The company intends to place up to 24.5 million new shares at 102.50 pence each, a discount of 1.68% from DORE’s closing on September 28.

The placement, which opened on Wednesday, is expected to close on October 13. Its result will be announced on October 14, with the new shares scheduled to start trading on October 18.

The Renewable Energy Investment Trust will add the proceeds from the sale of shares to the remaining funds from the Company’s Initial Public Offering (IPO) in December 2020 for potential acquisitions in Sweden, Finland, Iceland, Poland and UK. It has identified a pipeline worth a total of £ 4.3bn to support its growth in hydropower, wind, solar, batteries and utilities.

The fund’s investment manager, Downing LLP, is already set to close four deals with a combined value of £ 87million, DORE said. One of them is the purchase of a 40% stake in a 100 MW shallow water wind farm on Lake Vanern in southern Sweden, for which exclusive negotiations with Bagnall Energy have been announced in January. The project is developed by Cloudberry Clean Energy.

Negotiations are also underway on DORE’s SEK 300 million (USD 34.3 million / EUR 29.5 million) offer for three hydropower plants and an electricity distribution unit from Swedish company Edsbyn Elverk, as announced. in May.

(1 GBP = 1.348 USD / 1.157 EUR)

(10 SEK = 1.144 USD / 0.982 EUR)