REG - Downing Renew& Infra - Financial Update

Downing Renewables & Infrastructure TrustAnnouncement

27/04/2022 12:30

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RNS Number : 5612J  Downing Renewables & Infrastructure  27 April 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310

27 April 2022

Downing Renewables & Infrastructure Trust plc

("DORE" or "the Company")

Financial update

The Board of Downing Renewables & Infrastructure Trust plc (the "Company")
is pleased to provide the following financial update.

 

In Q1 2022, the Company completed three new acquisitions at rates of return
above the Company's discount rates. When valued at the Company's ongoing
discount rate for the relevant asset class:

 

·    the acquisition of the Swedish wind asset is estimated to result in
an increase of c.£2 million (equivalent of c.1.5 pence per share) on the
Company's Net Asset Value as at 31 December 2021; and

 

·    the acquisition of the Swedish hydro portfolios is estimated to
result in an increase of c.£3 million (equivalent of c.2.2 pence per share)
on the Company's Net Asset Value as at 31 December 2021.

 

These increases are due to operational and capital efficiencies as a result of
the integration of the assets, particularly the hydropower assets, into the
Downing Hydro AB (DHAB) platform, and also the more attractive pricing
available for individual sites or small portfolios when compared to larger
facilities.

 

The Company intends to publish its quarterly valuation for the quarter ended
31 March 2022 in line with its usual timetable. The Company's NAV and NAV per
ordinary share as at 31 March 2022 will be calculated in accordance with the
Company's valuation policy. Shareholders should note that the calculation of
the NAV per ordinary share as at 31 March 2022 will take account of the latest
valuations of all of the Company's investments as at 31 March 2022 and any
applicable costs and charges. As such, this announcement does not constitute
or describe an updated NAV or NAV per ordinary share of the Company.

 

Contact details:

 Downing LLP - Investment Manager to the Company                         +44 (0)20 3954 9908

 Tom Williams

 Singer Capital Markets - Joint Corporate Broker to the Company          +44 (0)20 7496 3000

 Robert Peel, Alaina Wong, Asha Chotai (Investment Banking)

 Sam Greatrex, Alan Geeves, James Waterlow, Paul Glover (Sales)

 Winterflood Securities Limited - Joint Corporate Broker to the Company   +44 (0)20 3100 0000

 Neil Morgan, Verity Wilson (Corporate Finance)

 Darren Willis, Andrew Marshall (Sales)

 TB Cardew - Public relations advisor to the Company                     +44 (0)20 7930 0777

 Ed Orlebar                                                              +44 (0)7738 724 630

+44 (0)7425 536 903
 Tania Wild

                                                                       DORE@tbcardew.com (mailto:DORE@tbcardew.com)

 

The person responsible for arranging for the release of this announcement on
behalf of the Company is Jonathan Saunders of Link Company Matters Limited,
Company Secretary.

 

 

 

 

 

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