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Downing Renewables & Infrastructure Trust (DORE) released its half-year report today, showing a positive set of interim results for the period up to 30 June 2021.
We're pleased to report the following highlights:
Financial highlights
- Successfully raised gross proceeds of £122,500,000 through a placing, an offer for subscription and an intermediaries offer at an issue price of 100 pence per ordinary share at IPO
- Net asset value ("NAV") of 100.2 pence per share, up 2.2 pence per share compared to the NAV immediately post IPO of 98 pence per share
- Interim dividend per ordinary share of 1.0 pence declared relating to the period from Admission to 30 June 2021, in line with previous guidance
- Target dividend from 1 July 2021 onwards has been increased to 5 pence per share per annum*
Operational highlights
- Completion of two investments, investing £102 million (83% of IPO proceeds) ahead of expectations indicated at IPO. The investments include: a portfolio of eight operational hydropower plants in central and southern Sweden for €65 million (£60 million); and a 96MWp portfolio of UK Solar PV assets for £42 million.
- Portfolio generation of 101,211 MWh, 6.6% above expectations. Strong performance meant operating profit of investments was 14.4% above expectations
- Strong pipeline of assets for future growth in the hydropower, wind, solar and battery space, including the Lake Vänern Wind Project in Sweden announced 15 January 2021 and the hydropower plants and electricity distribution assets from AB Edsbyn Elverk
*The dividend targets stated above are targets only and not profit forecasts. There can be no assurance that these targets will be met, or that the Company will make any distributions at all and they should not be taken as an indication of the Company's expected future results.
