Downing LLP announced it has exchanged contracts to acquire a portfolio of five operational hydropower plants (HPPs) in South Norway on behalf of Downing Estate Planning Service (DEPS).
The portfolio is being acquired from Fossberg Kraft AS/Fossberg Kraft Produksjon AS, which will become Downing’s partner for development of new power plants and operations and maintenance in Norway. The assets will be owned by Bagnall Energy Limited, one of the two Inheritance Tax companies within DEPS.
The portfolio comprises five hydropower plants near the city of Bergen with total average annual production of 21.8 GWh. Three of the plants are in Bjørnafjorden and the two other are located in Odda and Sauda. The names of the plants were not released.
This most recent acquisition illustrates Downing’s focus on the core renewables space in the Nordic region, according to a press release
“We are delighted to announce the acquisition of this hydropower portfolio from Fossberg, who are leaders in the development of small scale HPPs in Norway,” said Henrik Dahlström, investment director at Downing LLP. “As the Norwegian power market continues to increase its export of renewable energy to the wider European market, this is an important and strategic move for Downing as we contribute to the growth of renewable energy generation in Norway and the fight against climate change. We look forward to a long-term relationship with Fossberg both in developing new power plants and as operational and maintenance partners.”
Tom Jensen, General Manager at Fossberg Kraft, adds: “We are very pleased to have entered into a partnership with Downing, starting with the sale of five of our power plants. We look forward to now developing further hydro power plants for Downing to acquire on behalf of its funds. In doing so we will continue to grow a strong development business and develop the department for operation and maintenance that we believe will play a key role in the company’s future success.”
Downing is a London-based investment management firm that has raised over £1.7 billion into businesses across a range of sectors, from renewable energy, care homes, health clubs, and children’s nurseries, to technology and sports nutrition. Downing has made 116 investments into solar parks, wind farms and hydroelectric plants since 2010.
Fossberg Kraft in Kvinnherad municipality develops, operates and maintains hydropower plants.