Downing exits five hydro projects following £20m investment in the sector

Investment manager Downing LLP today announces the recent sale of Osprey Green Power Limited, the fifth exit by its funds from a series of seven hydro investments based in Scotland and managed by Gilkes Energy Limited.

Downing has worked closely with Gilkes Energy, a specialist hydro developer, since September 2013, investing some £20 million of EIS equity across seven projects. These seven projects are now fully operational, all having been built on time and to budget.

Downing has exited five of these projects to GHI Holdings Limited – a company which owns and operates a portfolio of operational hydro projects. Gilkes Energy will continue to operate the hydro projects.

Each exit was in line with the original investment case, a successful conclusion to five years’ work.

Downing EIS investors hold equity in a further two operational projects and it’s anticipated that the investors will exit these investments towards the second half of 2019.

“We’re extremely pleased to have completed the latest in a series of successful exits from a number of our investments alongside Gilkes Energy. The energy sector is a key focus for Downing and we’re delighted to have achieved the target returns for our investors. The ultimate aim of our funding is to provide management teams with capital to develop projects that deliver attractive risk-adjusted returns to our investors and it’s great to see this coming to fruition from our work with Gilkes Energy.”
David Freeder, Investment Director:

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Jean Birrell, Downing LLP