Downing Renewables & Infrastructure Trust is seeking to raise £200 million ($258.96 million) via an IPO share placing.
The trust will use the funds raised in the IPO to invest in a diversified portfolio of renewable energy and infrastructure assets in the United Kingdom, Ireland and northern Europe. Investments will include wind, solar, hydro and geothermal assets, as well as other infrastructure assets.
An initial £30 million ($38 million) has already been committed to the launch by Downing, Downing managed funds and existing Downing clients.
The trust has a seed portfolio of £50 million ($64 million), which consists of 96 megawatts of operational solar photovoltaic projects in the United Kingdom, which have an average operating track record of six years. In addition, Downing has identified a £1.5 billion ($1.9 billion) pipeline of assets and has secured exclusivity on £70 million ($90 million) of assets in the wind and hydro sectors in Sweden and Norw