About

DORE aims to achieve stable and sustainable returns by investing in a diversified portfolio of renewable energy and other infrastructure assets.

At a Glance
as at 31 March 2021

Ordinary Share Price

96.4p

Market Capitalisation

£118.1m

Gross Asset Value

£201.4m

2021 Dividend Target/ Share

3p

(target dividend of 5p for the calendar year 2022)

Net Asset Value (NAV) per share

99.2p

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 full details of all the risks in the prospectus.

DORE 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, Ireland and Northern Europe.

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.

DORE is a Green Economy Mark listed company with an ESG framework that aims to provide investors with attractive returns while contributing to the successful transition to a net-zero carbon economy - resulting in a cleaner, greener future.  

Investment Strategy

DORE’s strategy is to invest in a diversified portfolio of hydro, solar, wind, geothermal and other infrastructure assets across the UK, Ireland and Northern Europe. By investing in projects in varied geographies, with different technologies, asset lives and yield profiles, DORE aims to achieve a diversified set of long term, resilient and predictable revenues. 

Investing in different technologies reduces reliance on any given natural resource. Different technologies also have quite different economic lives, for instance some assets like hydropower plants can have very long lives if maintained properly (more than 100 years) whereas some assets like solar or wind projects can have much shorter lives (around 30+ years).

Investing across different geographies opens up different natural resources and diversifies risk across different energy markets, government policies and regulatory regimes.

The majority of DORE’s investments are in operational assets, with a minority of investments allocated to construction stage projects where it aims to achieve better risk adjusted returns.

DORE benefits from Downing's in-house asset management team who take an active role in the management and administration of the underlying businesses and who apply their operational, commercial and financial expertise to protect and enhance portfolio returns. The team manages c.7300 installations across 6 technologies and has a particular focus on creating value through the use of bespoke IT systems to capture and analyse the large amounts of data produced by the portfolio.

Target Returns

DORE intends to pay dividends quarterly from September 2021, targeting 3% p.a. in calendar year 2021, 5% p.a. in calendar year 2022, and progressive dividends thereafter. 

DORE’s target total return on net asset value (NAV) is 6.5% p.a. - 7.5% p.a.* over the medium to long-term.

* These are target returns and not forecasts. Returns are expressed as a % return based on the issue price of £1.00 per share. Please read the risks outlined in the prospectus for more detail.

Investment Manager

DORE is managed by Downing LLP, an established investment manager with over 30 years’ experience and a considerable track record in the core renewables space. Downing is authorised and regulated by the FCA and, as at 31 December 2020, had over £1.4 billion of assets under management.

As a signatory of the Principles for Responsible Investment (PRI), Downing is committed to responsible and sustainable investing and has an integrated approach to its environmental, social and governance (ESG) policies.

Investment Restrictions

DORE will observe the following investment restrictions when making investments:

Geographies and Companies
  • no more than 60% of gross asset value will be invested in assets located in the UK;
  • no more than 60% of gross asset value will be invested in assets located in Ireland and Northern Europe (combined);
  • no more than 25% of gross asset value will be invested in assets in relation to which DORE does not have a controlling interest;
  • no investments will be made in companies which generate electricity through the combustion of fossil fuels or derive a significant portion of their revenues from the use or sale of fossil fuels, unless the purpose of the investment is to transition those companies away from the use of fossil fuels and toward sustainable sources;
  • no investments will be made in other UK listed closed-ended investment companies. 
Assets and Technologies
  • no more than 50% of gross asset value will be invested in any single technology;
  • no more than 25% of gross asset value will be invested in other infrastructure;
  • no more than 35% of gross asset value will be invested in assets that are in construction or construction-ready;
  • no more than 30% of gross asset value will be invested in any one single asset, and the company’s investment in any other single asset shall not exceed 25% of gross asset value;
  • at the time of an investment or entry into an agreement with an Offtaker, the aggregate value of the DORE's investments in assets under contract to any single Offtaker will not exceed 40% of gross asset value.

The relevant limits above will be calculated on the assumed basis that it has gearing in place of 50% of gross asset value. 

Following full investment of the net proceeds and following DORE becoming substantially geared (meaning for this purpose by way of long-term debt of 50% of gross asset value being put in place), its portfolio will comprise no fewer than six assets.


Our Board

Our Investment Team

Our Timeline

2 November 2020

New Downing Trust announces Intention-to-float

12 November 2020

DORE prospectus published

4 December 2020

DORE raises £122.5 million and lists on London Stock Exchange

It is named by the Financial Times as “the transaction that sums up 2020... (it) may also be the first entirely virtual IPO” that makes it “the greenest ever”.

December 2020

DORE announces first investment since IPO in Swedish hydropower plant

January 2021

DORE signs exclusivity agreement for 100MW wind farm

February 2021

DORE completes Swedish hydropower acquisition for £60m

March 2021

DORE acquires UK solar assets for £42 million