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Downing sells a £5 million solar portfolio to Aviva Investors

6 November 2017

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Investment manager Downing LLP has sold a residential and school rooftop solar photovoltaic (PV) portfolio to a fund managed by Aviva Investors, the global asset manager, for a price of £5 million. The two portfolios, Avon Solar Energy Ltd and Westcountry Solar Solutions Ltd, comprise 221 PV installations across southern England and Wales. The majority of the systems in the portfolio are located on residential rooftops, with the remaining systems installed on school rooftops. The portfolios were developed by Britannia Solar Limited and Ethical Power Limited.

Downing originally invested in these assets between 2011 and 2013 and was one of the first funders in the UK to invest in solar energy generation after the introduction of the Feed-in Tariff (FiT), a government subsidy designed to boost investment into the renewable energy sector.

Commenting on the sale, David Freeder, Investment Director, Downing says:

“Downing was one of the early investors into the FIT solar sector and has backed a variety of UK based development partners.  Together, we believe we have created strong and stable operational portfolios which can be attractive to long-term investors such as Aviva Investors. We are delighted to have worked with Aviva Investors on this deal, bringing the expertise of both parties together to execute this transaction.”

Fergus Helliwell, Associate Director, Aviva Investors, comments:

“We are pleased to have collaborated with Downing on this transaction, an acquisition that further enhances the long-term and stable income that our pension fund clients receive from our ongoing management activities in the sector. Since 2012, the Aviva Investor’s Infrastructure platform has been the premier institutional investor in the small-scale solar sector in the UK, having executed numerous acquisitions on behalf of our clients.  As we expand our activities in the UK infrastructure market, we continue our focus on secure and long-dated income streams for our clients."

Downing was advised by Lonburgh Capital LLP (advisory), Michelmores LLP (legal) and Infrata Ltd (technical).

Aviva Investors was advised by Clifford Chance LLP (legal), RINA Consulting Limited (technical) and Grant Thornton UK LLP (finance and tax).

ENDS

For all press enquiries, please contact:

Pamela Morris, the lang cat

0131 202 6037

 

Jean Birrell, Downing LLP

07799 555 353

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