Once in development, the projects will become assets of Downing’s managed funds, chief among them its energy and infrastructure fund.
The Glasgow-based unit is tasked to amass a project portfolio capable of securing investment income of around £100 million a year, including after ventures are commissioned and connected.
Heading the team will be Tony Gannon. At ScottishPower Renewables, he led a team developing solar and battery endeavours totalling 1GW, plus a related portfolio of onshore construction projects.
Chris Coates and Derek Wilson join Gannon, as respectively project engineer and project support lead. Coates previously held roles in electrical engineering, grid and project delivery teams. Wilson has worked in project support for both Shell and ScottishPower. New hires are imminent.
The development arm will expand and monetise a 96MWp portfolio of solar PV bought by the parent fund’s infrastructure trust earlier this year. Its £42 million price tag was met out of receipts from the fund’s initial public offering on the LSE in December.
Downing LLP partner and head of energy & infrastructure Tom Williams heralded the development arm’s advent as a “huge benefit to those of our investment vehicles focused on energy generation and storage”.
