Investment manager Downing has acquired two hydropower plants in Norway producing a combined 10GWh a year.
The renewable energy and infrastructure arm of Downing Estate Planning Service (DEPS) completed the acquisitions of 2MW Skjeggfoss Kraftverk in southern Norway and 1.6MW Haugsvær Kraftverk in south-western Norway.
Both power plants have been delivered as part of the investment manager’s agreement with long-term partner Fossberg Kraft AS.
DEPS now has a total annual average production of 43GWh/year from its portfolio of nine Norwegian hydropower plants (pictured).
Downing’s Energy and Infrastructure team said it 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.
Investment director Henrik Dahlstrom 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 around £920m of assets under management in the solar, wind, hydro and battery storage sectors.