Solar: Development and aggregation of a 48MW solar portfolio

3/1/22
5 min
Asset management
Case study
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During 2013 and 2014, Downing partnered with a series of different developers to fund construction of 11 solar PV sites, including three residential portfolios across the UK.​

Downing-managed funds invested £51.5m to fund the construction and installation of the plats between 2013 and 2015.​

Exited in July 2019 at a weighted-average portfolio internal rate of return (IRR) of 7.7%​

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Sequence of events:

  1. Downing takes over asset management​
  2. Analysis of spare part strategy and investment in equipment​
  3. Data analysis identifies pattern of failures and expert diagnostic tests commissioned, equipment failure and associated downtime avoided​
  4. Acceptance into National Grid’s Optional Downward Flexibility Management (ODFM) auction scheme after negotiations with operations and maintenance (O&M) and National Grid​
  5. Negotiation of grazing license with landlord, reducing land management costs and increasing biodiversity​
  6. Targeted drone surveys allow quick and efficient identification of sub-string performance and allow us to hold O&M to account
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During 2013 and 2014, Downing partnered with a series of different developers to fund construction of 11 solar PV sites, including three residential portfolios across the UK.​

Downing-managed funds invested £51.5m to fund the construction and installation of the plats between 2013 and 2015.​

Exited in July 2019 at a weighted-average portfolio internal rate of return (IRR) of 7.7%​

‍

Sequence of events:

  1. Downing takes over asset management​
  2. Analysis of spare part strategy and investment in equipment​
  3. Data analysis identifies pattern of failures and expert diagnostic tests commissioned, equipment failure and associated downtime avoided​
  4. Acceptance into National Grid’s Optional Downward Flexibility Management (ODFM) auction scheme after negotiations with operations and maintenance (O&M) and National Grid​
  5. Negotiation of grazing license with landlord, reducing land management costs and increasing biodiversity​
  6. Targeted drone surveys allow quick and efficient identification of sub-string performance and allow us to hold O&M to account

We are delighted to announce that Mark Gross, Partner and Head of Development Capital, has been named Equity Investor of the year at the HealthInvestor Power List 2024 Awards.

Following Mark’s achievement last year when he won the “Leading Investor” award at HealthInvestor’s Power50, this year’s win further highlights his continued success and expertise in investing across the healthcare sector. 

The judges praised Mark for finding success both in value and volume this year, delivering good returns and growth. They were impressed by how Mark has continued to strengthen a strong track record with further growth in the team and new funds securing further backing. We extend our thanks to Mark and the Downing Development Capital team for their continued dedication and support in expanding our healthcare investment activities with a focus on quality, performance and reputation. 

Congratulations Mark!

Development Capital  

Downing Development Capital is an award-winning investor focused on investment opportunities into asset-backed operating businesses with downside protection. Typical sectors they invest in include healthcare, specialist education, hospitality, leisure and IT infrastructure.

Learn more about our Development Capital team

‍

During 2013 and 2014, Downing partnered with a series of different developers to fund construction of 11 solar PV sites, including three residential portfolios across the UK.​

Downing-managed funds invested £51.5m to fund the construction and installation of the plats between 2013 and 2015.​

Exited in July 2019 at a weighted-average portfolio internal rate of return (IRR) of 7.7%​

‍

Sequence of events:

  1. Downing takes over asset management​
  2. Analysis of spare part strategy and investment in equipment​
  3. Data analysis identifies pattern of failures and expert diagnostic tests commissioned, equipment failure and associated downtime avoided​
  4. Acceptance into National Grid’s Optional Downward Flexibility Management (ODFM) auction scheme after negotiations with operations and maintenance (O&M) and National Grid​
  5. Negotiation of grazing license with landlord, reducing land management costs and increasing biodiversity​
  6. Targeted drone surveys allow quick and efficient identification of sub-string performance and allow us to hold O&M to account
Basking in the sun: nine solar policy essentials
Learn more

Torsten Mack, Investment Director at Downing, said:

"We are proud to support this exceptional management team, whose strong track record positions them well to build a new business in dementia care. This needs-based sector is underpinned by a lack of quality supply and we are investing in Fortava Healthcare to set and deliver high standards, and to help make a difference."

Johann van Zyl, CEO at Fortava, added:

"I’m thrilled to be working with Jamie, as we share the same values. We plan to grow Fortava into a leading provider of dementia care over the next five to seven years. But growth isn’t our primary focus—our goal is to deliver outstanding care and foster a joyful, supportive environment for both residents and staff. We’re delighted to be partnering with Downing who also share our values and we look forward to this journey with them."

Jamie Stuart, CFO at Fortava, commented:

“For me, it's about being more than just another care home provider. While dementia care in the UK is generally of a good standard, we want to set ourselves apart with a fresh approach. That’s why, after over 25 years in banking, I chose to partner with Johann and Downing on this venture.”

‍

During 2013 and 2014, Downing partnered with a series of different developers to fund construction of 11 solar PV sites, including three residential portfolios across the UK.​

Downing-managed funds invested £51.5m to fund the construction and installation of the plats between 2013 and 2015.​

Exited in July 2019 at a weighted-average portfolio internal rate of return (IRR) of 7.7%​

‍

Sequence of events:

  1. Downing takes over asset management​
  2. Analysis of spare part strategy and investment in equipment​
  3. Data analysis identifies pattern of failures and expert diagnostic tests commissioned, equipment failure and associated downtime avoided​
  4. Acceptance into National Grid’s Optional Downward Flexibility Management (ODFM) auction scheme after negotiations with operations and maintenance (O&M) and National Grid​
  5. Negotiation of grazing license with landlord, reducing land management costs and increasing biodiversity​
  6. Targeted drone surveys allow quick and efficient identification of sub-string performance and allow us to hold O&M to account

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