Downing Renewables & Infrastructure

Downing Renewables & Infrastructure Trust plc

Net Asset Value and Operational Update

The Board of Downing Renewables & Infrastructure Trust plc (the “Company” or “DORE“) is pleased to announce the Company’s unaudited Net Asset Value (“NAV“) as at 31 March 2024.

Net Asset Value as at 31 March 2024

The Company’s unaudited NAV was £212.3 million or 119.2 pence per share (“pps“) as at 31 March 2024. This is an increase of 1.3% from the Company’s NAV per share as at 31 December 2023 (£212.1 million or 117.7pps) following payment of the £2.4m (1.3pps) quarterly dividend.

The movement in NAV during the quarter was attributable to several factors:

–     Portfolio performance (+£3.2m, +1.8pps);

–     Update to the long-term power price forecasts (-£5.0m, -2.8pps);

–     FX movement (+£4.0m, +2.2pps);

–     Life extension project (+£3.2m, +1.8pps)

–     Share buybacks (-£1.9m, +0.4pps)

–     Dividend (-£2.4m, -1.3pps); and

–     Other movements (-£0.9m, -0.5pps).

As at 31 March 2024 the Company’s GAV was £351.0 million (31 December 2023: £352.2 million).

As announced on 22 May 2024, the dividend in respect of the period from 1 January 2024 to 31 March 2024 of 1.45pps has been declared and will be paid to shareholders on the register on 31 May 2024 on or around 28 June 2024. The target annual dividend for 2024 of 5.8pps represents a 7.85% increase from the 2023 dividend.