Renewables fund of the year: Downing Renewables and Infrastructure Trust
The Downing Renewables and Infrastructure Fund (DORE) achieved a total return of 16.1% to 31 March following its initial public offering (IPO) at the end of 2020.
In addition, the fund is currently trading at an approximate 2.5% premium to net asset value (NAV) after that increased to £1.101. Its performance from July last year onwards also enabled it to increase its target dividend by 5p per ordinary share per annum from July 2021.
The fund invests in hydropower, solar and wind projects across Sweden and the UK and over the past year invested £160 million ($196 million) through six separate acquisitions.
Forecasted to generate 372GWh of electricity a year, which would result in Downing's fund's assets avoiding approximately 175,600 tonnes of carbon dioxide emissions, the investment manager says.
This year DORE underscored its commitment to diversification by adding an operational onshore windfarm in northeast Sweden to its existing portfolio of hydropower and solar assets.
"We are delighted DORE has been awarded renewable fund of the year - another milestone recognising DORE's ESG framework and strategy," said Tom Williams, head of energy and infrastructure at Downing. "While continuing our commitment to ESG, we will build on this success by executing our ambitious growth plans across renewable energy sectors and geographies."
With its core sustainable investment objective being to accelerate the transition to net zero through its investments DORE is compliant with Article 9 of the Sustainable Finance Disclosure Regulation (SFDR), which requires environmental, social and governance (ESG) disclosures.