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Downing acquires 10 GWh hydropower plants in Norway
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Investment manager Downing is building on its investment in sustainable energy in the Nordic region with the acquisitions of two hydropower plants in Norway producing a combined 10 GWh a year.
The renewable energy and infrastructure arm of Downing Estate Planning Service (DEPS) has completed the acquisitions of Skjeggfoss Kraftverk in southern Norway and Haugsvær Kraftverk in south-western Norway.
Both power plants have been delivered as part of Downing’s agreement with long-term partner Fossberg Kraft AS. DEPS now has a total annual average production of 43 GWh/year from its portfolio of nine Norwegian hydropower plants.
Downing’s Energy and Infrastructure team has been investing in the Nordic region for over three years and now has around 50 core renewable assets across Sweden, Finland, Norway and Iceland.
Henrik Dahlstrom, Investment Director at Downing, said: “We are delighted to be bringing into operation the latest projects in our Norwegian hydropower construction funding programme. We look forward to continuing our excellent relationship with Fossberg Kraft AS and to growing our Norwegian hydropower portfolio.”
The team has made more than 200 investments and has c.£920 million of assets under management in the solar, wind, hydro and battery storage sectors.
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