Downing Renewables & Infrastructure Trust PLC has announced its annual results, revealing an increase in its annual dividend target, a positive NAV total return, and a 27% increase in profitability from the previous year. The renewable energy portfolio also saw significant growth, generating 395GWh in 2023, up 21.1% from the previous year. The company's portfolio was further enhanced with 11 strategic investments, including assets that reduce exposure to variable merchant power pricing.

The company has continued to expand and optimize its hydropower portfolio, implementing upgrades to access new grid frequency markets in Sweden in 2024. Additionally, DORE acquired its first Icelandic asset, a run-of-river hydropower plant, which provides attractive investment opportunities with 100% inflation-linked take-or-pay offtake arrangements and fixed revenues through a long-term power purchase agreement (PPA). This acquisition not only enhances DORE's portfolio geographically but also diversifies its revenue streams.

The company's Head of Energy & Infrastructure, Tom Williams, emphasized the significance of the Icelandic acquisition, stating, "Investing in Icelandic hydropower offers returns that are accretive to DORE's return target and also provides the potential for significant precipitation diversification to the existing portfolio."

The annual report and latest factsheet are available for download, providing comprehensive insights into the company's performance and investments. DORE's commitment to expanding its renewable energy portfolio and strategically diversifying its revenue streams positions the company for continued growth and success in the renewable energy sector.