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Downing Renewables & Infrastructure Trust PLC on Monday reported a drop in net asset value during the first half, ahead of its proposed buyout. The Leeds, England-based investor in renewable energy assets posted a NAV per share of 111.03 pence at June 30, down from 116.65p at December 31. NAV total return in the first half swung to negative 2.1% from positive 2.6% a year earlier. Still, DORE maintained: ‘Underlying portfolio performance contributed significantly to the NAV, reducing the impact of falls in power price forecasts and changes in macro-economic factors.’ The firm noted a £700,000 negative impact to NAV from transaction costs, related to a pending takeover by majority shareholder Bagnall Energy Ltd. DORE in June agreed to a cash acquisition deal which values the company at 102.6016p per share, or £174.6 million in total. DORE shares rose 0.4% to 102.37p on Monday afternoon in London, and have gained 27% in the last 12 months. During the six months that ended June 30, DORE posted a £8.0 million capital loss on investment compared to a gain of £93,000 the previous year. Revenue return on investment was £5.2 million, down from £5.5 million on-year. The investment firm swung to a £5.0 million pretax loss from £3.9 million profit in 2024, which represents a loss per share of 2.92p versus 2.22p in earnings per share. The firm’s interim results follow an announcement on Thursday that suitor Bagnall has received clearance from Icelandic authorities for the proposed buyout, after approval decisions in the UK and Sweden earlier this summer. Bagnall is a renewable energy and infrastructure arm of Downing Estate Planning Services, and manages solar, wind, hydropower and battery storage assets in the UK and Northern Europe. DORE’s investment manager Downing LLP acts as discretionary investment manager to Bagnall. The acquisition is expected to take effect in the second half of this year. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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