Downing LLP, the London-based sustainable investment manager, and Centrica Energy Marketing & Trading (EM&T) today (6th October 2022) announced the signing of a ten-year power purchase agreement for the output generated by the Konttisuo wind farm, located in the Southern Ostrobothnia region of Finland with a total capacity of 30MW.
Starting October 1, Downing has agreed to a ten-year fixed price PPA under which Centrica will provide balancing and hedging services, offtaking production from the Konttisuo wind farm to be sold in wholesale power markets.
The agreement will help Downing unlock returns to further build on its ambitious pipeline of renewable investments, including more than 175 investments into solar parks, wind farms and hydroelectric plants since 2010.
"Providing financial security to assets owners is critical to spurring further investments in renewable assets and technologies that introduce additional green power to the grid"
Kristian Gjerløv-Juel, Director for Renewable Energy Trading & Optimisation at Centrica Energy Trading
The deal also underlines Centrica’s commitment to supporting the growth of renewable energy sources across Europe. Specialised in trading, optimisation and balancing of renewable energies, Centrica, working in partnership with Downing, will optimise the delivery of power to the grid, helping grid stability.
Kristian Gjerløv-Juel, Director for Renewable Energy Trading & Optimisation at Centrica Energy Trading commented: “We’re very pleased to have signed this agreement with Downing, which is another important step towards independence from fossil fuels. Providing financial security to assets owners is critical to spurring further investments in renewable assets and technologies that introduce additional green power to the grid, which in turn is absolutely critical for our ability deliver on European decarbonisation targets and increase security of supply as Europe seeks to reduce dependency on imported gas”.
"The onshore wind sector in Finland is expanding rapidly and we are delighted to be able to contribute to Finland’s decarbonisation and energy security goals"
Tom Williams, Head of Energy & Infrastructure at Downing
Tom Williams, Head of Energy & Infrastructure at Downing, commented: “The onshore wind sector in Finland is expanding rapidly and we are delighted to be able to contribute to Finland’s decarbonisation and energy security goals through this transaction. Centrica is an established energy solutions provider with an excellent track record. We look forward to a successful partnership with them. As a certified B Corp, we are committed to responsible investing and delivering on the strategy. We look forward to adding further attractive opportunities to our portfolio in due course.”
Downing is a sustainable investment manager established in London in 1986. We currently manage £1.8 billion of assets under a broad range of investment mandates across our funds, investment trusts and tax-efficient products. As a certified B Corporation, we are focused on creating a sustainable future and our key investment areas are renewable energy, infrastructure, property, and healthcare.
Downing has c.50 professionals dedicated to renewable energy and infrastructure and a proven track record in renewables. Since 2010, Downing has made more than 175 investments totalling £700 million into solar, wind, hydro, and battery storage.
Centrica is a leading international energy services and solutions provider, founded on a 200-year heritage of serving people. Centrica Energy Marketing & Trading is the trading and optimisation arm of Centrica plc. We are a leading provider of energy management and optimisation services to businesses, in addition to managing commodity risk and providing wholesale market access for the Centrica Group. We have 15 GW of capacity under contract in Europe, ~80% of which is renewable assets.
Smart Architectural Aluminium and Centrica agree major solar power purchase agreement
British Gas offers free EV charging for a year with purchase of Hive EV charger
British Gas joins Team GB and ParalympicsGB
British Gas releases second UK net zero homes index
On track for a low carbon energy future - Centrica signs corporate power deal with Deutsche Bahn
Scottish Gas teams up with Scottish rugby for a greener Scotland