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:

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.