The hydropower plants will now be owned by Bagnall Energy Limited, one of the two Inheritance Tax (IHT) companies within DEPS. The portfolio is being acquired from Fossberg Kraft AS/Fossberg Kraft Produksjon AS (Fossberg) who will become Downing’s partner both for development of new power plants, and operations and maintenance in Norway.
The portfolio comprises five hydropower plants near the city of Bergen. Three of the power plants are in Bjørnafjorden, a small town close to Bergen, thereby allowing for streamlined operations. The two other facilities are located in Odda and Sauda respectively. The average annual production of the portfolio is 21.8 GWh.
This most recent acquisition highlights Downing’s focus on the core renewables space in the Nordic region.
“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, added that the company is looking forward to developing further hydro power plants for Downing to acquire on behalf of its funds and that in doing so it will continue to grow a strong development business, developing the department for operation and maintenance, which the company believes will play a key role in its future success.
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