U.K.-based Downing has sold its sixth hydroelectric investment in Scotland to GHI Holdings, which owns and operates a portfolio of operational hydro projects.
Since 2013, Downing’s Energy and Infrastructure Investment team worked closely with specialist hydroelectricity developer Gilkes Energy to invest in a series of seven projects. The investment funded the development, construction and operation of the projects which total 8 megawatts of renewable energy generation in Scotland.
Gilkes Energy will continue to operate the six projects sold, and Downing said it expects to exit the seventh investment later this year.
The disposals will return capital to Enterprise Investment Scheme (EIS) investors.
“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 U.K. and the fight against climate change,” said Tom Williams, head of energy and infrastructure at Downing. “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 realized through our work with Gilkes Energy and GHI Holdings.”
The company has £1 billion ($1.2 billion) in assets under management, invested in a variety of sectors including renewable energy, senior housing and health clubs.