Downing Renewables & Infrastructure Trust (DORE) is set to be acquired by its largest shareholder, Bagnall Energy, in a £175 million transaction aimed at unlocking greater scale and efficiency for the renewable energy investor.
Bagnall, which already holds a stake of just over 25% in DORE, will complete the acquisition through a newly established entity, Polar Nimrod Topco Limited. Under the terms of the deal, DORE shareholders will receive 102.6 pence in cash per share—a 24% premium on DORE’s closing share price last Thursday.
Commenting on the deal, Bagnall chair James Watson said: “We are firm believers in the transformative power of renewable energy infrastructure, and the acquisition of DORE aligns perfectly with Bagnall’s long-term vision and commitment to the sector.”
He added that the transaction is also driven by structural challenges in the listed market. “Given challenging public market conditions and DORE’s current lack of scale, we believe that the acquisition will enable it to achieve greater scale, success and operational efficiency,” Watson said. “For too long, DORE’s true value has not been reflected in its share price, and today’s offer represents an attractive opportunity for DORE shareholders to immediately crystallise value.”
DORE, headquartered in Leeds, manages a portfolio of renewable assets across the UK and Northern Europe, including investments in solar, wind, hydropower, and battery storage. Bagnall Energy also maintains a diversified portfolio across these sectors.
The acquisition remains subject to shareholder and regulatory approval.