The Downing Renewables & Infrastructure Trust Plc have paid interim dividends to shareholders of 1.45 pence per share for each of the first three quarters of 2024, and a further dividend of 1.45 pence per share was announced on 19 February 2025 in respect of the quarter to 31 December 2024. Together, these amount to the 5.80 pence per share target for the 2024 financial year, announced on 11 April 2024.
In cash terms, the Company and its subsidiary achieved a cash dividend cover of 1.20x against the dividends of 5.695 pence per share actually paid during the year. When amortisation of debt is added back, the dividend cover was 1.88x. Cash dividend cover has been calculated on the basis of cash actually received by the Company and its immediate subsidiary, post the payment of any debt service obligations.
The Company will target a dividend of 5.95 pence per share for the year to 31 December 2025, a 2.6% increase from 2024. The increased dividend is expected to be covered by cash in excess of 1.15x by the current portfolio.
•Recycling capital: Disposed of Gabrielsberget wind farm in Sweden, crystallising a total return of 54% over the two year investment period.
•Operational excellence: Strong focus on revenue and portfolio optimisation, by investing small amounts of capital in initiatives with material impact including:
◦Prequalifying two hydro-power assets for the frequency market.
◦Achieved a positive capture price for the year of 110.9% by implementing their dispatch strategy for their dispatchable hydropower assets.
•Acquired three Swedish hydropower plants and their associated storage reservoirs for £5.8 million.
•2024 cash dividend cover of 1.20x1 (2023: 1.21x), increasing to 1.88x (2023: 1.78x) using pre-debt service cashflows.
•Target dividend relating to financial year 2025 increased by 2.6% to 5.95 pence2 per
ordinary share.
•Net Asset Value ("NAV") total return1 of 3.8% for the year to 31 December 2024 and 39.3% since IPO in December 2020.
•NAV as at 31 December 2024 was £199.9 million (2023: £212.1 million) or 116.7 pence
(2023: 117.7 pence) per ordinary share.
•Reducing debt: Lowered leverage to 37%1 (2023: 40%) by utilising divestment proceeds to repay fully £26.7 million drawn debt under the RCF.
•The Company's renewable energy portfolio generated 343 GWh in 2024, avoided 161,620 tonnes of CO2e and powered the equivalent of 126,916 UK homes.
•Downing Hydro AB, a subsidiary of the Company, achieved 90 points out of 100 on its
GRESB sustainability performance rating ("GRESB") submission, surpassing the GRESB average in all categories.
•Continued the buyback programme, purchasing 8.9 million ordinary shares (£7.1 million) during the year at an average price of 80.2 pence creating further value and increasing NAV per ordinary share by 1.8 pps. In line with the peer group, the shares traded at a discount during the year, however DORE continues to provide additional market liquidity to help mitigate discount volatility.
•Appointment of a new non-executive Director, Astrid Skarheim Onsum who brings
extensive knowledge of the energy transition and renewable energy sectors across various geographies.
