Downing Renewables & Infrastructure Trust plc (DORE) reconfirms the target dividend of 5.38 pence per share* for the year ended 31 December 2023 is expected to be covered by cash in excess of 1.4x and that the Company's dividends are expected to be an average of 1.6x covered by cash in the period 2024-2026.
DORE's expectations of dividend cover announced in annual results presentations stated that the above expectations were contingent on certain exclusive transactions being completed. These acquisitions have now been completed.
Cash dividend cover has been calculated on the basis of cash expected to be received by DORE and its immediate subsidiary.
Tom Williams, Partner, Head of Energy & Infrastructure at Downing LLP, said: "We are pleased to finalise DORE's latest three acquisitions in the hydropower and solar technologies, which strengthen the dividend cover in the short and medium term. The pipeline of opportunities available to DORE is stronger than ever and we look forward to further strengthening of DORE's prospects as more of the near-term opportunities are realised."
*The dividend target stated in this announcement is a target only and not a profit forecast. There can be no assurance that the dividend target will be met, nor that DORE will make any distributions at all, and it should not be taken as an indication of DORE's expected future results. DORE's actual returns will depend upon a number of factors including, but not limited to, DORE's net income and level of ongoing charges.