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Why did we invest:
The Kvævebekken hydropower plant acquisition has enabled us to further expand our 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, technology and project phase.
About the area:
Kvævebekken is located in the Sirdal region in Norway, which is in the NO2 price region. The power plant’s forecast annual production of 5.4 GWh – equivalent to powering c.15,000 UK homes on an annual basis.
About the deal:
The £3m acquisition of Norwegian hydropower plant Kvævebekken was made through the renewable energy and infrastructure arm of DEPS and will strengthen our renewables portfolio. The acquisition from Fossberg Kraft adds to the portfolio owned by DEPS, which now totals seven hydropower plants, predominantly located in the southern part of Norway. Collectively they have a forecast aggregate annual generation of 41 GWh. The Kvævebekken project benefits from a 60-year lease agreement.
This hydropower plant will generate clean energy to aid decarbonisation, net zero targets and energy security strategies.
- Downing’s renewable energy platform was purpose-built to provide investors with best-in-class access to hydro investments
- Fully integrated and experienced team providing investment, asset management, project development, and project delivery services
- Downing actively monitor and manage ESG factors throughout the investment process and period of ownership, enabling it to support net zero goals
In the future, Downing will look forward to continuing its excellent relationship with Fossberg Kraft AS to further expand its Norwegian hydropower portfolio. As a certified B Corp, Downing is committed to adding further sustainability-based projects to its portfolio.