Gowling WLG advises on Downing Renewables & Infrastructure Trust's £122 million IPO

10 December 2020

International law firm Gowling WLG's top ranked Investment Funds team has advised new client Downing Renewables & Infrastructure Trust plc ("DORE") on its initial public offering (IPO) which raised £122.5 million.

DORE has listed on the Main Market of the London Stock Exchange and will invest in a diversified portfolio of renewable energy generating assets and other infrastructure assets in the UK, Ireland and Northern Europe.

Managed by experienced fund manager Downing LLP ("Downing"), which has approximately £1.1 billion of assets under management, DORE aims to provide shareholders with an attractive and sustainable level of income returns, with an element of capital growth.

Gowling WLG advised on all the UK legal and regulatory issues regarding the transaction.

The Gowling WLG team was led by investment funds partner Oliver Riley who was assisted by principal associate Kate Seabourne, associate Craig Griffiths, trainee solicitor Scott Wilson and tax consultant Michael Murphy. Energy sector expertise was provided by corporate partner, Gareth Baker.

Oliver Riley said: "We are delighted to have advised DORE on its successful IPO. The hugely positive response to the IPO is an endorsement of the company's investment strategy and the strength of the Downing team. We very much look forward to assisting DORE on its future endeavours."

Tom Williams, partner and head of energy and infrastructure at Downing said of DORE: "The increasing demand for renewables, driven by broad political support for the transition to "net-zero" emission economies, presents the ideal opportunity for the company and we are delighted to be launching DORE at this time. The company will be well-positioned to support the growing demand for renewable energy. We look forward to proceeding with the proposed acquisition of the seed assets and continuing to progress the wider pipeline, including the hydro and wind assets that are under exclusivity."

Following on from several mandates this year - which included advising AtmosClear Investments (ACI) on its acquisition of a residential solar photovoltaic rooftop portfolio from Northleaf Capital and Statkraft on its PPA with Seagreen Wind Energy - these latest deal successes marks another standout year for the firm's energy lawyers. In November, the team was recognised for its leading Energy & Renewables practice in The Times Best Law Firms 2021.

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Pete Squires Senior Corporate Communications Manager Birmingham