About
DORE aims to achieve stable and sustainable returns by investing in a diversified portfolio of renewable energy and other infrastructure assets.
Our investment strategy
DORE strategy
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.
At a glance
Investment strategy
DORE’s strategy is to invest in a diversified portfolio of hydropower plants, solar farms, wind parks, geothermal and other infrastructure assets across the UK, Ireland and Northern Europe. DORE aims to achieve a diversified set of long term, resilient and predictable revenues by investing in projects in varied geographies, with different technologies, asset lives and yield profiles.
Investing in different geographies reduces exposure to regulatory and political regimes and grants access to other natural resources. Selling into different energy markets further reduces risk. Different energy markets have different fundamental drivers and pricing, so we believe that selling energy into as many markets as possible is beneficial.
All DORE’s investment are in operational assets. The company has the ability to invest up to 30% of gross asset value in 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.13,470 installations across seven 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.
DORE’s diversification strategy
Key investment information
This section provides more detail on where your money is invested, the risks assocaited with investing in these funds, and an overview on charges.
Target returns
Target dividends: paid quarterly from September 2021: 5.80 pence per share for the year to 31 December 2024, 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 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.
Investment manager
DORE is managed by Downing, an established investment manager with over 35 years’ experience and a considerable track record in the core renewables space. Downing is authorised and regulated by the FCA and, as at 30 June 2024, Downing had £2.1bn 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.
Our timeline
View the progress we have made since our IPO in 2020
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Governance documents
Download our governance documents below.
