Downing has acquired two hydropower plants in Norway, expanding its renewable energy footprint in the Nordic region. The recent acquisitions, Skjeggfoss Kraftverk in southern Norway with a capacity of 2MW and Haugsvær Kraftverk in the southwest at 1.6MW, will collectively contribute 10GWh of electricity per year.
This addition raises Downing Estate Planning Service's (DEPS) total annual hydropower output in Norway to 43GWh from a portfolio of nine plants.
These plants were acquired through Downing's partnership with Fossberg Kraft AS, which has been instrumental in delivering projects that align with Downing's renewable energy objectives.
Henrik Dahlstrom, Downing's Investment Director, commented, “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.”
With a focused investment approach in the Nordic region for over three years, Downing's Energy and Infrastructure team now manages approximately 50 renewable energy assets across Sweden, Finland, Norway, and Iceland.
The company's portfolio spans the solar, wind, hydro, and battery storage sectors, with assets totaling around £920 million under management.
