Reconfirmation of Expected Dividend Cover
27 April 2023
Downing Renewables & Infrastructure Trust plc
Reconfirmation of Expected Dividend Cover
Downing Renewables & Infrastructure Trust plc (the "Company" or "DORE") reconfirms the target dividend of 5.38 pence per share* for the year ended 31 December 2023 is expected to be covered by cash in excess of 1.4x and that the Company's dividends are expected to be an average of 1.6x covered by cash in the period 2024-2026.
The Company's expectations of dividend cover announced in annual results presentations stated that the above expectations were contingent on certain exclusive transactions being completed. These acquisitions have now been completed.
Cash dividend cover has been calculated on the basis of cash expected to be received by the Company and its immediate subsidiary.
Tom Williams, Partner, Head of Energy & Infrastructure at Downing LLP, said: "We are pleased to finalise the Company's latest 3 acquisitions in the hydropower and solar technologies, which strengthen the dividend cover in the short and medium term. The pipeline of opportunities available to the Company is stronger than ever and we look forward to further strengthening of the Company's prospects as more of the near-term opportunities are realised."
*The dividend target stated in this announcement is a target only and not a profit forecast. There can be no assurance that the dividend target will be met, nor that DORE will make any distributions at all, and it should not be taken as an indication of DORE's expected future results. DORE's actual returns will depend upon a number of factors including, but not limited to, DORE's net income and level of ongoing charges.
ENDS
Contact details:
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Downing LLP - Investment Manager to the Company
Tom Williams
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+44 (0)20 3954 9908 |
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Singer Capital Markets -Joint Corporate Broker
Robert Peel, Alaina Wong, Alex Emslie (Investment Banking) Sam Greatrex, Alan Geeves, James Waterlow, William Gumpel (Sales)
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+44 (0)20 7496 3000
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Winterflood Securities Limited - Joint Corporate Broker |
+44 (0)20 3100 0000 |
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Neil Morgan (Corporate Finance) Darren Willis, Andrew Marshall (Sales) |
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TB Cardew - Public relations advisor to the Company
Ed Orlebar Tania Wild
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+44 (0)20 7930 0777
+44 (0)7738 724 630 / +44 (0)7425 536 903 |
About Downing Renewables & Infrastructure Trust plc (DORE)
DORE is a closed-end investment trust that aims to provide investors with an attractive and sustainable level of income, with an element of capital growth, by investing in a diversified portfolio of renewable energy and infrastructure assets in the UK and Northern Europe. DORE has been awarded the London Stock Exchange's Green Economy Mark in recognition of its contribution to the global 'Green Economy' and also in 2022 DORE won 'Renewables Fund of the Year' at the Sustainable Investment Awards.
The Board classifies DORE as a sustainable fund with a core objective of accelerating the transition to net zero through its investments, compiling and operating a diversified portfolio of renewable energy and infrastructure assets to help facilitate the transition to a more sustainable future. The Company believes that this directly contributes to climate change mitigation.
DORE's strategy, which focuses on diversification by geography, technology, revenue and project stage, is designed to increase the stability of revenues and the consistency of income to shareholders. For further details please visit www.doretrust.com
LEI: 2138004JHBJ7RHDYDR62
About Downing LLP
Downing is a responsible investment manager established in London in 1986. We currently manage £1.9 billion of assets under a broad range of investment mandates across our funds, investment trusts and tax-efficient products. As a certified B Corporation, we are focussed on creating a sustainable future, our key investment areas are renewable energy, infrastructure, property and healthcare.
Downing has c.55 professionals dedicated to renewable energy and infrastructure and a proven track record in renewables. Since 2010, Downing has made more than 180 investments and has c.£760 million of assets under management in solar, wind, hydro and battery storage technology.
This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.
For further details please visit www.downing.co.uk
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