January 14 (Renewables Now) - Investment manager Downing LLP on Monday said it has completed the sale of equity it held in the last of seven operational Scottish run-of-river hydropower plants (HPPs) with a combined capacity of 8 MWp.
The sale of Nightjar Sustainable Power Limited and Guillemot Green Energy Limited marks the final exits by Downing's Enterprise Investment Scheme (EIS) funds from the Scottish projects, in which they injected a total of GBP 20 million (USD 26m/EUR 23m).
Downing funded the development, construction and operation of the HPPs located in Inverness-shire, Argyll and Perthshire. The facilities are managed by specialist hydropower developer Gilkes Energy Limited.
The first six projects sold by Downing were bought by GHI Holdings Limited, which owns and operates a portfolio of operational HPPs, with Gilkes Energy continuing to operate them.
"We’re extremely pleased to have completed the last in this series of successful exits. The energy sector is a key focus for Downing and we’re delighted to have achieved the target returns for our investors," Downing's head of energy and infrastructure, Tom Williams, said.
(GBP 1.0 = USD 1.297/EUR 1.165)