Downing exits sixth hydro investment

7 October 2019

Investment manager Downing has announced it has exited its sixth hydroelectric investment in Scotland, adding that it expects to exit its seventh investment by the end of the year.

The investments have funded the development, construction and operation of projects totalling 8MW of renewable energy generation in Scotland. All projects have been managed by Gilkes Energy Limited, which has been working closely with Downing’s Energy and Infrastructure Investment team since September 2013.

Downing has undertaken a successful programme of disposals to return capital to Enterprise Investment Scheme (EIS) investors in the projects, of which this divestment forms part.  All six investments have been acquired by GHI Holdings Limited – a company which owns and operates a portfolio of operational hydro projects. Gilkes Energy will continue to operate all six projects.

Downing EIS investors hold equity in one other operational hydroelectricity project and it is anticipated that the company will be sold towards the end of 2019.

“We’re very pleased to have completed a further exit from our hydroelectric investments alongside Gilkes Energy, who we will continue to support going forward. These investments have performed very well and have provided excellent returns for our investors,” commented Tom Williams, Head of Energy and Infrastructure at Downing. “The energy sector is a key focus for Downing and we are proud of the contribution these particular projects make in supporting renewable energy in the UK and the fight against climate change. Downing works hard to provide management teams with capital to develop projects which, in turn, deliver attractive risk-adjusted returns to our investors and it’s great to see this being realised through our work with Gilkes Energy and GHI Holdings.”



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