Downing Renewables & Infrastructure Trust PLC on Thursday said it was pleased with ongoing diversification as it reported a slight dip in its net asset value per share.
The investor in solar parks, wind farms and hydroelectric assets said net asset value per share edged down 0.8% to 117.65 pence as at December 31, from 118.57p a year prior.
NAV total return was 3.5% for 2023, falling from 19.5% for 2022. The total dividend for 2023 however rose 5.7% to 5.29p from 5.00p.
The company highlighted that it reduced the proportion of its revenue that is exposed to variable power prices through strategic investments, such as a £16 million investment into nine hydropower plants, including its first in Iceland.
Chair Hugh Little said: ‘The board is pleased that during the period DORE continued to build significantly on its key objective of diversification by geography, technology, revenue, and project stage, namely through its investments in electricity grids and grid stability infrastructure projects in Sweden and the UK, and with the company’s first Icelandic hydropower acquisition.’
Downing Renewables shares were 0.8% lower at 74.60 pence each on Thursday morning in London.
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