Downing Renewables & Inf... Share Discussion Threads

[cc2014] 20/4/2022 12:54

My question is what price they would be paying for any new assets and whether in the longer term it's going to look too high.

I can't really answer my own question but it's nagging away at me with regard to the whole sector.

[jonwig] 20/4/2022 12:43

best they get a big one, and involve PIs. A small limited placing isn't enough.

[cc2014] 20/4/2022 12:42

110p on the bid. Nice.

[gbcol] 31/3/2022 11:31

Good news that share price is now above NAV. As I posted above, they want to do a fundraise to take advantage of their pipeline, but have said this will be above NAV. If we can get share price 107p+ then a fundraise around 105p would be my bet and I’d be happy with that.

[gateside] 31/3/2022 09:54

Buy just gone through at 107pAll time high

[gbcol] 16/3/2022 13:25

Yes I’ve been impressed with what DORÉ have achieved to date here. NAV 103.5p (and that’s probably conservative with increased returns for 22 baked in). Decent divi too.

They will need a fundraise in short term to take advantage of the pipeline but as they have committed to that fund raise being above NAV that can only be a positive.

Not sure what happens if share price doesn’t get above NAV within timescales for a fundraise. Can they do it above the prevailing SP? No reason why not but would be a bit odd.

[gateside] 16/3/2022 10:09

Maiden purchase in DORE this week.

DORE now sits along side my ever growing list of renewable funds!

I like the diversification of Hydro power in Sweden & seems to have a good management team.

Trading below NAV - so hopefully some good capital growth along with the nice 5% yield.

[melloteam] 10/3/2022 15:36

Mello Events is hosting a FREE Trusts and Funds event on Tuesday 22nd March at 1pm.


The programme is as follows:
1.00 pm Mello welcome and company presentation by Avation plc
1.30 pm Company presentation by International Biotechnology Trust
2.00 pm Annabel Brodie-Smith, Communications Director at The AIC presents on why investment companies are suitable for an inflationary environment?
2.20 pm Company presentation by Downing Renewables & Infrastructure Trust plc
2.50 pm Company presentation by VectorVest – more detailed presentation to follow on Thursday 24th March at 12 noon
3.00 pm Paul de Gruchy updates us on his investing thoughts and ideas in the current economic climate
3.20 pm Company presentation by VT Downing Listed Infrastructure Income Fund
3.50 pm MoneyMakers Jonathan & Simon analyse the investment landscape for Investment Trusts & Funds
4.10 pm Investment Trust and Funds panel featuring Annabel Brodie-Smith, Paul de Gruchy, Ed Shing and chaired by Karin Schulte

The event is free, just click here to register:

There are lots of interesting sessions and all annual pass holders and individual ticket holders will get sent the recordings 24 hours later once you have registered.

[raptor_fund] 09/3/2022 17:47

Yer Jonwig it will be interesting to see how interconnectors develop in the Swedish market in the coming years.
Electrically refined steel may also be a catalyst to power re-pricing, as the Swedish company SSAB has made plans to smelt green iron that would use a lot of electricity in the area.

[pavey ark] 08/3/2022 17:34

I liked the management style of their previous presentation.....and this one.

Building up a portfolio of renewables and this is my fourth....attracted by the Swedish hydro.

Bought before the ex div then added 50% more today.

Really liked the battery/ energy storage comment .....they have massive energy storage in their hydro reservoirs.

Will add more if/when they fund raise.

[gbcol] 08/3/2022 15:50

Good presentation this afternoon.

So we are currently trading at a discount to the current published NAV of 103.50p however it seems that a NAV increase is baked in already for 2022. The team seem very happy indeed with the 1st year which is well above expectations.

Healthy pipeline of opportunities of over £200m.

The main downside I see is that I not sure how easy it will be to raise significant funds to take advantage of the pipeline if they are trading at a discount to NAV - they have already stated that any fund raise will be at a premium to the prevailing NAV at that time.

Regardless I think this has great potential and I’ve been adding in recent weeks and continued with that today.

[gbcol] 07/3/2022 08:26

Yes I like this one. Bought in at IPO and added since, so it’s one of my bigger holdings now.

Good numbers. Like the divi, which I can only see growing.

I’m sure they will look to raise more funds as soon as appropriate. In fact they pretty much say that. Good to get confirmation that any raise will be above the NAV at that time, although I think that’s fairly normal practice in this sector.

[jonwig] 07/3/2022 07:51

Some good numbers here:



Swedish Hydro is performing well - the reason I bought it.

A surprising fact is that there seems to be no grid interconnection to speak of between Sweden and the rest of Europe. So Sweden has easily the cheapest electricity supply in Europe but not the facility to export it. Perhaps it doesn't have potential to produce a surplus?

[melloteam] 08/2/2022 14:15

Mello Events is hosting a FREE Trusts and Funds event on Thursday 24th February at 1pm.
The event will include the following:
David Stredder interviews Peter Pereira Gray, Managing Partner and CEO, Investment Division of Wellcome Trust.
Presentations from Coupland Cardiff (CCAM), Downing Renewables & Infrastructure Trust plc, VIETNAM HOLDING Ltd (VNH) and Momentum Global Investment Management.
Jonathan Davis talks with Sally Tickner from Harriman House and the latest Investment Trust books.
Investment Trusts and Funds Panel, including Reg Hoare, Andrew Hollingworth, Paul de Gruchy and Nick Brind.
Click here for more information:

[hindsight] 21/12/2021 19:13

Thx Jonwig

[jonwig] 21/12/2021 17:58

As far as the Swedish hydro assets they say, "long-term regulated revenues ... that are not exposed to energy prices."

I read that as positive. for wind and solar (UK) it will be a CFD arrangement, I imagine.

[hindsight] 21/12/2021 15:50

Anyone have details on how far they forward sell, in view of the continued northerly price curve

[jonwig] 25/11/2021 07:20

NAV (102.5p) and quarterly dividend (1.25p) -



Performance is proving very strong. I bought into this for the Swedish hydro exposure, and that seems to be a good profit maker.

[gbcol] 15/10/2021 09:59

I emailed Downing about my frustrations on the PrimaryBid approach. Fair play, the director responsible for fundraising phoned me and explained the reasoning. It seems that they didn’t have many options with the constraints they were working to.

Also, apparently is not a cheap option as I had thought but actually quite expensive.

They are committed to individual shareholders that make up a good proportion of investors in the fund.

They were clearly disappointed with the result of the offer but it shouldn’t affect their immediate plans, proposed acquisitions. From the presentation I think they needed about £25m to complete the next ones lined up, which they can do from this raise plus balance of IPO. The market is not great for fundraisings at the moment with instis not wanting to invest. I’ve personally seen IPOs in the sector pulled due to lack of interest.

He reiterated that in future fundraisings, private investors will definitely be included. In this sector fundraising’s are going to be fairly regular IMO.

I was impressed that he took the time to call me and I was able to have a good chat about things. I like being able to talk to the guys at the sharp end so feeing positive about their approach.

[aspringo] 14/10/2021 08:07

GBCol, was writing almost identical myself.Have just further loaded my SIPP with SUPR, as it was available through HL.I think they could have made it if they'd done the same.

[gbcol] 14/10/2021 08:01

Yes tbh I don’t fully understand Primary Bid as I know it doesn’t work with my SIPP (not without added hassle anyway). I know it’s cheap & efficient for the company but undoubtedly puts off investors like me. This is probably part of why they have fallen so far short, albeit not a big factor.

I like this fund and may add in the market if it dips.

[jonwig] 14/10/2021 07:51

GBCol - I think the ISA prpoblem is a tough one for them to solve. I've used PB twice, and just bed-and-ISA after I've got the shares. PB is at least pretty efficient.

[gbcol] 14/10/2021 07:31

As a side note, I think using this Primary Bid platform restricts investors. I know it is cheap and that others in sector use it. However for those like me with my funds in SIPPs and ISAs it is not practical. Therefore I don’t use it and didn’t take part. I probably would have done if it had been a more accessible system.

[gbcol] 14/10/2021 07:28

Yes I thought they were being very conservative at £25m but couldn’t even get that. There have been a lot of IPO’s and raises in the sector recently- including some that got aborted, so obviously quite difficult and competitive sector at the moment.

Watched the presentation earlier in week and DORE have some schemes lined up, so hopefully this will be enough for them to push ahead with them - but they’ll need to come back to the market early next year.

[jonwig] 14/10/2021 07:09

Offer raised £14.5m vs asked for £25m.