We are delighted to have assisted Downing on its acquisition of Project Higher Witheven, a 42.5MWp standalone photovoltaic project.

Overview of the deal

We are delighted to have supported Downing LLP in its acquisition of Higher Witheven solar project from Recurrent Energy, further strengthening the fund's UK solar portfolio and commitment to supporting the energy transition.

Who are the firms involved?

Recurrent Energy, a subsidiary of Canadian Solar Inc., is a leading global developer, owner, and operator of solar and energy storage assets.

Project Higher Witheven, based in Cornwall, has successfully secured a Contract for Difference (CfD) in the UK Government’s Allocation Round 7 (AR7) auction, enhancing long-term revenue visibility while supporting the country’s renewable energy targets. The project has been designed with a strong focus on environmental stewardship, incorporating biodiversity enhancements and a landscape-led approach alongside renewable power generation.

Downing LLP is an investment manager with more than 90 professionals dedicated to renewable energy and infrastructure. Downing has a successful track record in developing, investing, and managing renewables, storage, and grid support infrastructure. This acquisition further strengthens the company’s UK solar ready-to-build (RtB) portfolio and its commitment to supporting the energy transition.

What we liked about this deal

We are excited to continue our work with Downing’s Energy & Infrastructure team a relationship which we have forged since 2022. Downing continues its long-term strategy to build and manage high-quality renewable energy assets that deliver stable returns and help advance the UK’s energy transition.

“As the UK continues its energy transition and aims to meet its net zero targets, the importance of private equity firms like Downing building out the country’s solar capacity cannot be overstated. It was a pleasure to work with the Downing team again, who continue to identify excellent opportunities across the UK.”

- James Wood, Associate Director at Buzzacott

Buzzacott team

James Wood and Kazia Read led the Buzzacott team in providing Financial and Tax Due Diligence for Downing’s Renewable Assets team. The wider Buzzacott team was made up of Alexander Bull, Hayley Langman, Kam Chauhan, and Gemma McRae.