Downing Renewables & Infrastructure Trust (DORE) has reported an increase in net asset value (NAV) for 2022 in its annual report.
NAV at 31 December 2022 was 118.6 pence per ordinary share (£219m), an increase of 15.1 (14.5%) pence per ordinary share compared with 103.5 pence per ordinary share (£142m) at 31 December 2021.
The Company’s hydro, wind and solar portfolio has generated 326GWh, avoiding 153,457 tonnes of CO2e and powered the equivalent of 112,523 UK homes, the report states.
The Company now has a portfolio that is expected to generate 391GWh of renewable electricity per year, an increase of 96.4% from 31 December 2021.
There was further deployment through the completion of five investments, costing in aggregate at £72.6m.
These included two operational hydropower plant portfolios located in central Sweden, an operational 46MW onshore wind farm located in north-eastern Sweden for £19.8m and a portfolio of operational run-of-river hydropower plants in Sweden.
DORE also made a further investment into the UK solar portfolio during October 2022 of £10m, used to repay the mezzanine debt that was present when the portfolio was acquired.
DORE chair Hugh Little said: “We are very pleased to present DORE’s annual results for its second year of operation.
“The Investment Manager has successfully continued its mandate of strategic diversification and growth, deploying £62.6m in five new portfolio investments over the period, complemented by an equity raise of £52.9m in June 2022, exceeding the target size.
“The Investment Manager’s active management and clear insight has delivered a strong performance from owned-assets which has contributed to a cash dividend cover of 1.26x for the dividends of 5 pence per share paid during the year.
“I am confident that our Investment Manager will continue to take a perceptive approach to pursuing investment opportunities that will deliver the greatest value to shareholders during 2023.”