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It is good to see the price slowly starting to creep up towards NAV. Now that we are almost fully invested I am pleased to see the managers are becoming more active in presenting the investment case. It seems like a lot of investment trusts are doing cash raises at the moment, so I wouldn't be surprised to see the same from DORE in the coming months. The first dividend is also due in September so hopefully that should get some interest whilst at a discount.
hi Swsquires, indeed, we are one of the rare outliers and that's why I cashed in my TRIG and BSIF a few months ago to take part to the IPO. Once they start paying the divi, the penny will drop and we'll realign with the sector. Good option to generate some safe returns imho
Hi magoo, I am glad I checked this board today as for some reason I had not received the RNS despite it being in my subscriptions. It is a good update and very positive. Despite being less than a year since the IPO this has not stopped a number of other ITs trading at a premium, so I am surprised that this is still a rare outlier. It may be that the dividend is still low and in the renewable / infrastructure space everyone seems to want 5%+ yield.
swsquires if you bought at the IPO you should why the SP is where it is. You don't magically acquire renewable assets in a few days and start raking profits immediately after that. I hope the RNS issued this morning reassures though. Seems like their strategy is being executed ahead of the plan and with returns well above expectations. This is a long term investment and I am confident that it will soon trade above NAV
I am starting to wonder myself devonplay. This is one of only two funds in the renewables sector that is trading at a discount. I think that tells us something. The dividend is low compared to the peer group and we are still priced lower than the IPO. Unfortunately this looks like a poor buy - personally I think I'll monitor over the next few months then decide if it is time to sell.
When does DORE show some actual value. I haven't got a price target, but I just feel this has further to fall further. I generally try to avoid Downing listed vehicles, but they do manage some funds for me that are unlisted.
As an existing investor in Bagnall Energy I'm not sure how I feel about it. I sort expected DORE would have some impact on the Bagnall, which they've funded by issuing debt with a very, very, very low LTV. I wouldn't be surprised now if there's no more debt issues. or very few going foward. Overall, I still prefer debt over equity for this sectors, even better when it's secured or very low LTV.
Downing Renewables & Infrastructure Trust plc ("DORE") has signed an exclusivity agreement with Bagnall Energy Limited ("Bagnall") in relation to a proposed investment in a 100 MW nearshore, shallow water wind farm to be constructed in Lake Vänern in southern Sweden (the "Wind Farm"), developed by Cloudberry Clean Energy AS ("Cloudberry").
Bagnall is part of the Downing Estate Planning Service, which is managed by Downing LLP, DORE's investment manager.
The exclusivity agreement gives DORE the option to enter into a commitment for the Wind Farm once certain conditions have been met. Once these conditions have been met, DORE would own c.40% of the project, with Bagnall and Cloudberry owning c.40% and 20% respectively. Confirmation of the acquisition is expected to be be announced in the summer of 2021.
The 100 MW wind farm project in Lake Vänern is the second wind farm on the lake and is situated close to existing grid infrastructure. It includes 16 turbines with an estimated annual power production around 350 GWh, significantly strengthening the access to clean and renewable energy in the region.
DORE, which raised GBP122.5 million in its IPO on the London Stock Exchange in December 2020, is targeting investment in a diversified portfolio of renewable energy generating assets and other infrastructure assets in the UK, Ireland and Northern Europe.
This project forms part of the renewable energy and infrastructure pipeline identified by Downing LLP and disclosed in DORE's prospectus dated 12 November 2020.
Tom Williams, Head of Energy & Infrastructure at Downing LLP, said:
"We are delighted to sign this exclusivity agreement today with the option to co-invest with Bagnall. We look forward to commencing the imminent construction of the 16-turbine project with an operational launch date for 2023/24. Cloudberry is a leading hydropower and wind power plant expert in the Nordics and the wind farm is going to significantly improve the region's access to clean and renewable energy, supporting our mandate of investing in a diversified portfolio of high-quality renewable projects while continuing to play our part in global efforts to combat climate change."
I was just about to invest after researching over the New Year. Unfortunately this is another company that is banned by Lloyds/Halifax/i-Web. I can only presume that the reason is the wording of the KID that implies that professional advise is advised before investing. I presume Downing's knows of this as it lists a small number of brokers who will deal with this investment. May invest later if money becomes available, but as my ISA is with I-web, there is not much I can do at the moment.
The Portfolio is being acquired from Fortum Sweden AB ("Fortum") for a purchase price of approximately €65 million on a debt and cash free basis. The transaction is expected to complete in February 2021.
Hydropower is a key energy source in the drive towards 100% renewable energy in Sweden by 2040 and is a key sector focus for DORE. The sector provides predictable long-term cash flows from assets that have much longer lives than other renewable energy technologies such as wind and solar.
The Portfolio comprises eight hydropower plants across three different rivers in Sweden, with annual average production of over 100 GWh. The Portfolio has an operating track record spanning more than five decades.