CONFIRMATION OF UNDERSTANDING AND ACCEPTANCE OF TERMS
THE WEBSITE YOU ARE SEEKING TO ACCESS IS MADE AVAILABLE BY DOWNING RENEWABLES & INFRASTRUCTURE TRUST PLC (THE "COMPANY") IN GOOD FAITH AND IS PROVIDED FOR INFORMATION PURPOSES ONLY.
THE INFORMATION CONTAINED ON THIS WEBSITE (THE "WEBSITE MATERIALS") IS NOT DIRECTED AT NOR SHOULD IT BE ACCESSED BY PERSONS LOCATED IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT WOULD BE UNLAWFUL TO DO SO (“RESTRICTED JURISDICTION”).
Please read this notice carefully – it applies to all persons who view this website. Please note that the terms set out below may be altered or updated without notice. You should read the following provisions in full each time you visit the site. Viewing the materials you are seeking to access may not be lawful in other jurisdictions.
The Website Materials are for information purposes only and do not constitute or form a part of any offer or invitation to sell or issue, or the solicitation of any offer to purchase or subscribe for, securities. Any subscription for securities in the Company may be made only pursuant to a prospectus which provides detailed information about the Company and the securities to be offered (the "Prospectus"). Particular attention should be paid to the “risk factors” section of the Prospectus which will highlight specific risks relating to the Company.
No securities of the Company have been or will be registered under the US Securities Act of 1933, as amended (the "Securities Act") or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in or into the United States, or to or for the account or benefit of any US person (within the meaning of Regulation S under the Securities Act). In addition, the Company has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended. There will be no public offer of securities in the United States, Australia, Canada, Japan or the Republic of South Africa or any jurisdiction in which such an offer would constitute violation of the relevant laws or regulations of such jurisdiction.
If you are not permitted to view this website or are in any doubt as to whether you are permitted to view this website, please exit this website immediately by clicking on the "Decline" button below. The Website Materials must not be released or otherwise forwarded, distributed or sent, directly or indirectly, in whole or in part, to any Restricted Jurisdiction, including the United States, Australia, Canada, the Republic of South Africa or Japan or any other jurisdiction where the distribution of such materials would or may breach any applicable law or regulation or would require any registration or licensing within such jurisdiction. Persons receiving the Website Materials (including, without limitation, custodians, nominees and trustees) should observe these restrictions and must not, directly or indirectly, in whole or in part, forward, distribute or send them in, into or from any jurisdiction outside the United Kingdom. Neither the Company, Downing LLP ("Downing") nor their respective advisers accept any responsibility for any violation by any person of any of these restrictions.
In addition, the securities referred to herein and on the pages that follow will only be offered to professional investors (as that term is used in the AIFMD) in the European Economic Area (the "EEA") to the extent that such securities (i) are permitted to be marketed into the relevant EEA jurisdiction pursuant to the Alternative Investment Fund Managers Directive (Directive 2011/ (61/EU) ("AIFMD"); or (ii) can otherwise be lawfully offered or sold (including on the basis of an unsolicited request from a 'professional investor' (as that term is used in the AIFMD)).
Any person accessing the Website Materials in any jurisdiction should inform themselves about and observe any applicable legal requirements in their jurisdiction. Access to this website is for information purposes only. Any person seeking access to this website represents and warrants to the Company and to Downing that they are doing so for information purposes only. Making this website available does not constitute an offer to issue or sell, or the solicitation of an offer to subscribe for or buy, securities in the Company. Further, it does not constitute a recommendation by the Company or Downing or any associated company or any other person to subscribe for or buy securities in the Company. The information on this website is general in nature and does not in any way constitute investment, tax, legal or other advice.
Any person accessing the Website Materials should carefully review the Terms and Conditions of the website. By using the Website Materials, you indicate that you accept the Terms and Conditions and that you agree to abide by them. The Company may change the Terms and Conditions. Such changes will be posted on the website. Your access to the website is governed by the version of the Terms and Conditions then in force. If you do not agree to the Terms and Conditions, please refrain from using this website.
None of the Company, Downing or any other person has, or accepts: (i) any responsibility or duty to update any information, document or announcement contained on this website and the Company reserves the right to add to, remove or amend any information available on this website at any time; or (ii) any responsibility in respect of any information contained on any other website which may be linked to or from this website.
By clicking 'I understand and agree' below, you represent, warrant and agree that:
- YOU ARE NOT ACCESSING THIS WEBSITE FROM WITHIN THE UNITED STATES OR FROM ANY OTHER RESTRICTED JURISDICTION;
- YOU ARE NOT A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) OR OTHERWISE RESIDENT IN THE UNITED STATES OR ANY OTHER RESTRICTED JURISDICTION;
- YOU ARE NOT INVESTING OR OTHERWISE ACTING FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON OR A RESIDENT OF THE UNITED STATES OR ANY OTHER RESTRICTED JURISDICTION;
- YOU ARE ACCESSING THIS WEBSITE FOR INFORMATION PURPOSES ONLY;
- YOU WILL NOT TRANSMIT OR OTHERWISE SEND ANY INFORMATION CONTAINED IN THIS WEBSITE TO ANY PERSONS (I) IN THE UNITED STATES; OR (II) WHO ARE U.S. PERSONS OR (III) IN ANY OTHER RESTRICTED JURISDICTION;
- YOU HAVE READ, UNDERSTOOD AND AGREE TO THE ABOVE.
If you cannot so represent, warrant and agree, you must click the button labelled 'I decline' or otherwise exit this website.
Thank you for your interest. Legal restrictions prevent us from allowing you further access to this website.
If you believe you are a resident of, and located in, a jurisdiction where viewing is permitted by law, and you can confirm that to us, please contact firstname.lastname@example.org.
A renewable energy and infrastructure trust designed to deliver stable and sustainable returns through diversification.
Find out about the Downing Renewables and Infrastructure Trust plc
Your capital is at risk and you may not get back the full amount you invested. Investments in this trust are for the long term. Please see a summary of the risks below and full details of all the risks in the prospectus published on 12 November 2020.
Our board and investment team
Joanna de Montgros
Partner and Head of Energy and Infrastructure
Investment Director in the Nordic Regions
Partner and Head of Asset Management
Energy and Infrastructure Consultant
What do I need to know before investing?
Where is my money invested?
Downing Renewables & Infrastructure Trust (DORE) plans to invest in a portfolio of renewable energy generating assets and other infrastructure projects in the UK, Ireland and Northern Europe.
That portfolio will be diversified by technology and geography, to increase the stability of revenues and reduce seasonal variability; and diversified by project stage, to allow DORE to enhance returns by investing in assets that are in construction or are construction-ready.
Renewable energy generating assets include wind, solar, hydropower and geothermal projects. Other infrastructure assets could include regional or multi-utilities with electricity distribution and/or district heating networks, including those that enable more renewable energy.
The objective is to provide attractive and sustainable income returns, with an element of capital growth.
What are the risks?
As with all investments, Downing Renewables & Infrastructure Trust (DORE) has risks that you should be aware of and comfortable with before you invest. Your capital is at risk and you may not get back the full amount you invested. Investments in this trust are for the long term. Please see a summary of the risks below and full details of all the risks in the prospectus.
- Targeted returns are targets only and are based on estimates and assumptions about a variety of factors including value, yield and performance of the portfolio of assets.
- The market price of electricity is volatile and is affected by a variety of factors. Whilst some of Downing Renewables & Infrastructure Trust's portfolio of assets may benefit from fixed price arrangements for a period of time, others may have revenues which are based on prevailing wholesale electricity prices.
- There can be no assurance that Downing LLP will be able to identify, acquire, manage and realise investments in accordance with Downing Renewables & Infrastructure Trust's investment objective to invest on attractive terms or generate any investment returns for shareholders or avoid investment losses.
- Downing Renewables & Infrastructure Trust may acquire assets with unknown liabilities and without any recourse, or with limited recourse despite due diligence undertaken.
- Assets that are in construction or construction-ready or otherwise require significant future capital expenditure may be exposed to certain risks, such as cost overruns, construction delay, failure to meet technical requirements or construction defects.
- Any change in law and regulation (including any change in the tax status or in taxation legislation or practice in the UK or any other tax jurisdiction) affecting Downing Renewables & Infrastructure Trust, its subsidiaries or the assets could adversely affect its profits and portfolio value and/or returns to shareholders.
- Many of the assets will be subject to substantial regulation by governmental agencies whose operations may rely on governmental licenses, concessions, leases or contracts that are generally very complex and can lead to disputes.
- At least 40% and no more than 60% of Downing Renewables & Infrastructure Trust’s gross asset value (measured at the time of investment) is in countries whose local currency is not sterling and/or receive payments denominated in currencies other than sterling, with exposure to foreign exchange risk.
- Downing Renewables & Infrastructure Trust has no operating results or operating history and as such, investors have no basis on which to evaluate the company’s ability to achieve its investment objective, that its investment policy will be successful and that it will provide a satisfactory investment return. There is also no guarantee that the company’s target dividend or target returns will be met.
- The company and its investments may use borrowings for multiple purposes. While the use of borrowings should enhance the total return of the company, where the return on the company’s portfolio of assets is lower than the cost of borrowing, it will have a detrimental effect on returns. The use of borrowings may increase the volatility of the company’s revenues and the NAV per Share.
Please note, this is only a brief overview of the risks involved with investing in Downing Renewables & Infrastructure Trust. Please read full details of all the risks in the prospectus before investing.
What happens once I have invested?
Interim accounts for the company covering the six months to 30 June each year will be published within the following three months, with the annual report and financial statements of the company to 31 December each year being published by the end of April.
What is the share price?
What are the latest announcements?