Investment management outfit Downing has established a renewable energy project development business focused on the UK.
The primary goal of the business is to establish an investment pipeline of “best-in-class” solar, wind and battery storage projects which will be offered exclusively to Downing managed funds and vehicles.
The development business will aim to create a pipeline that generates an annual investment of around £100m for Downing managed funds and vehicles in the medium term.
The development team will be based in a newly opened office in Glasgow, giving Downing greater UK coverage.
Tony Gannon (pictured) will lead the new team, having joined as head of development.
Gannon previously held senior management roles within ScottishPower Renewables and, in particular, was responsible for leading the development of its 1GW solar and battery storage pipeline as well as leading the delivery of its onshore construction portfolio that included solar PV, battery storage and wind farms.
He is joined by Chris Coates and Derek Wilson, in the roles of project engineer and project support lead, respectively.
Coates has previously held roles within electrical engineering, grid and project delivery teams and will lead the grid and engineering activities within the development company.
Wilson brings “significant experience” of leading project support processes for both Shell and ScottishPower and will work closely with the energy and infrastructure team to ensure suitable and efficient project controls are implemented, and to support project development activities.
The team will be further strengthened in the months to come, said Downing.
Tom Williams, partner and head of energy and infrastructure at Downing said: “We are delighted to launch the development business within the energy and infrastructure team.
“It will be a huge benefit to those of our investment vehicles focused on energy generation and storage assets who will be offered the opportunity to invest in the projects on an exclusive basis. Tony and his team are highly experienced in their field and we look forward to working with them.”
Gannon added: “Downing is very much leading the way with their renewable energy investment strategy.
“My team and I are excited to introduce new pipeline opportunities and continue the great work that Downing is doing in the renewable energy space.”