Investment manager Downing has expanded its presence in the Nordic renewable energy market with the acquisition of two hydropower plants in Norway. The new acquisitions, Skjeggfoss Kraftverk in southern Norway and Haugsvær Kraftverk in the southwest, have a combined output of 10 GWh per year.
The purchase, made through the Downing Estate Planning Service (DEPS) in partnership with Fossberg Kraft AS, brings DEPS’s total Norwegian hydropower production to 43 GWh annually across nine facilities. The deal is part of Downing’s ongoing investments in the Nordic region, where its Energy and Infrastructure team manages around 50 renewable assets across Norway, Sweden, Finland, and Iceland.
Henrik Dahlstrom, Investment Director at Downing, 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.”
Downing’s Energy and Infrastructure team, which manages around £920 million in solar, wind, hydro, and battery storage, has completed over 200 investments in renewable energy projects.
Just last month, Downing Renewables & Infrastructure Trust Plc (DORE) announced its commitment to acquire three hydropower plants in Sweden, along with their associated storage reservoirs, for approximately £5 million. The plants – Hagby, Gyttorp, and Hammarby – are located on the Norasjön River in Örebro County within Sweden’s SE3 electricity price region. The combined expected annual average production of the plants is around 7 GWh, with a potential increase to 7.5 GWh after planned upgrades.
