DORE aims to achieve stable and sustainable returns by investing in a diversified portfolio of renewable energy and other infrastructure assets.
Returns are expressed as a % return based on the opening NAV of 98p per share
per share for the year ending 31 December 2022
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.
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.7,400 installations across six 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 dividends: paid quarterly from September 2021: 5 pence per share for the year to 31 December 2022, progressive policy 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 targets 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.
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 3 June 2022, had c.£1.9 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. Finally, Downing underlined its approach to sustainability after being certified as a B Corporation in September 2022.
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.
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”.