24 February 2022

Downing Renewables & Infrastructure Trust plc 

("DORE" or "the Company")

Dividend Declaration, Operational Update and Notice of Results

The Board of DORE is pleased to declare an interim dividend in respect of the period from 1 October 2021 to 31 December 2021 of 1.25 pence per ordinary share, payable on 31 March 2022 to shareholders on the register at 4 March 2022 (the "Q4 2021 Dividend"). The ex-dividend date will be 3 March 2022.

A portion of the Company's dividends is designated as an interest distribution for UK tax purposes. The interest streaming percentage for the Q4 2021 Dividend is 66%.

The Q4 2021 Dividend is the third dividend to be paid by DORE, taking total dividends paid to date to 3.5 pence per ordinary share. This exceeds the Company's initial target dividend of 3.0 pence per share set out at IPO (for the period from IPO to 31 December 2021) and is in line with the updated dividend guidance announced in September 2021.

Portfolio Update

During the first part of Q1 2022, DORE invested an additional £39.9 million into a portfolio of hydropower assets and its first wind asset. The Company has now invested an amount that fully deployed all the IPO proceeds as well as the additional funds raised from the placing completed in Q4 2021.

The recently acquired hydropower assets were largely funded through the drawdown on its Downing Hydro AB Swedish hydropower portfolio debt facility which was signed in November 2021. Following this acquisition, the Company's leverage currently stands at c.39% (loan to value). The revolving credit facility signed in November 2021 has not been drawn.

DORE's portfolio, acquired for £141 million, has a total installed capacity of 175 MW with an expected annual generation of 355 GWh.

Total revenue for the Company's portfolio for Q4 2021 was 43.7% above budget, driven by high power prices captured by both the solar and hydropower portfolios. Electricity generation for the Company portfolio was 12.7% above expectations for Q4 2021.

The quarterly performance further strengthens the operational performance of the portfolio for the year with generation at 4.7% over expectations and operating profit at 16.9% above expectations.

DORE continues to progress opportunities across the core renewable energy sectors (solar, wind and hydro) and in the essential infrastructure sectors, with a significant pipeline identified in the UK and Northern Europe.

DORE remains well placed to provide shareholders with an ongoing attractive risk-adjusted return from its diversified portfolio of renewable energy assets.

Notice of Results

The Company's audited results for the period from incorporation to 31 December 2021 will be published on 7 March 2022.

There will be a presentation for analysts on 7 March. For details please email [email protected].

Contact details:

About Downing Renewables & Infrastructure Trust plc (DORE)

DORE is a closed-end investment trust that 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 and Northern Europe. DORE has been awarded the London Stock Exchange's Green Economy Mark in recognition of its contribution to the global 'Green Economy'.

The Board classifies DORE as a sustainable fund with a core objective of accelerating the transition to net zero through its investments, compiling and operating a diversified portfolio of renewable energy and infrastructure assets to help facilitate the transition to a more sustainable future. The Company believes that this directly contributes to climate change mitigation.

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. For further details please visit www.doretrust.com  

LEI: 2138004JHBJ7RHDYDR62

About Downing LLP

Downing LLP is a London-based investment management firm.   It has over 25,000 investors and currently manages in excess of £1.7 billion of equity invested into businesses across a range of sectors, from renewable energy, care homes, health clubs, and children's nurseries, to technology and sports nutrition. Downing has a demonstrable track record in renewables, having made more than 130 investments into solar parks, wind farms and hydroelectric plants since 2010.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

For further details please visit www.downing.co.uk