Downing LLP, an investment manager, has acquired a Norwegian hydro power plant, Lauvstad Kraftverk AS, for £3 million as part of its expansion into sustainable investing. The renewable energy and infrastructure arm of Downing Estate Planning Service purchased 100% of the 6 GWh hydro power plant from developer Fossberg Kraft AS, located in the Drangedal region of southern Norway.
Downing had previously paid 20% of the purchase price to part-fund construction and paid the remaining balance at completion. This acquisition builds on Downing's previous investments in the Nordic region, including its first investment in Finland and multiple hydropower assets in Norway through its partnership with Fossberg Kraft AS.
Tom Williams, Head of Energy and Infrastructure at Downing, said: “The Lauvstad hydropower plant acquisition has represented an excellent opportunity to further expand our investment allocations in hydropower and the Nordic region.
“Financing newbuilt hydro in the Nordic region is an important part of our strategy as we look to continuously diversify our portfolio by both geography and technology. By acquiring a hydropower plant that has recently been constructed, we have also diversified our investment portfolio further by project phase. We look forward to continuing our excellent relationship with Fossberg Kraft AS to further expand our Norwegian hydropower portfolio.
“As a certified B Corp, we are committed to responsible investing and delivering on the strategy. We look forward to adding further attractive projects to our portfolio in due course.”
