Investment management company Downing LLP has announced the acquisition of Norwegian hydropower plant Kvævebekken Kraftverk for approximately £3m.
The plant, located in the Sirdal region of South Norway, has an annual average production of approximately 5GWh. The deal was made through the renewable energy and infrastructure arm of the Downing Estate Planning Service, and is the second hydropower sector acquisition made by the company in 2022.
Henrik Dahlström, Investment Director at Downing, said the acquisition would help the firm to expand its investment allocations in hydropower and the Nordic region.
“Financing newbuild hydropower in the Nordic region is an important part of our strategy as we look to continuously diversify our portfolio by both geography and technology. We look forward to adding further attractive projects to our portfolio in due course,” said Dahlström.
The Kvævebekken acquisition brings the renewable energy and infrastructure arm of DEPS's total number of hydropower plants in the southern part of Norway to seven, with a projected annual generation capacity of approximately 41GWh. Downing's recent acquisition of hydropower assets aligns with the company's sustainable investing focus and its commitment to responsible investing.
