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 2022

NAV total return since IPO

16.1%

Returns are expressed as a % return based on the opening NAV of 98p per share

Net Asset Value

£150.9m

Dividend for the period

1.25p

per share

Annualised dividend guidance

5.0p

per share for the year ending 31 December 2022

NAV per share

110.1p

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

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.

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 2021, had c. £1.6 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.

Governance Documents

Schedule of matters reserved for the BoardResponsibilities of the ChairpersonRemuneration Committee terms of referenceAudit Committee terms of referenceNomination Committee terms of referenceManagement Engagement Committee terms of reference

Our Board

Our 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

May 2021

DORE signs exclusivity agreement for grid and hydro portfolio

Sept 2021

First dividend payment

January 2022

DORE acquires two hydropower portfolios totalling c. 48 GWh annual average production

February 2022

DORE acquires a 46MWp wind farm in Sweden

May 2022

DORE acquires a 18GWh hydropower portfolio in Sweden

June 2022

DORE raises additional c.£52.9 million