Investment manager Downing has acquired a 42.5 MW turnkey (RTB) solar power plant in Cornwall that is expected to be completed and connected to the grid in the fourth quarter of 2027.
The Higher Witheven solar power station has a Gate 2 Phase 1 grid connection offer (enabling a connection date of 2027) and will be connected to the Alverdiscott 400 kV substation. The site has a Contract for Difference (CfD) from Allocation Round 7 (AR7).
Downing purchased the solar power plant in Launceston, Cornwall, from Windel & Canadian Solar. It is Downing’s fifth site purchase in the past three months.
The acquisition is in line with the stated goal of joint venture (JV) formed by Downing and Japanese financial services provider Tokyo Century Corporation early this year: acquiring turnkey utility-scale solar PV projects for which Contracts For Difference (CfD) deals have already been completed and grid connection dates in 2027 and 2028.
The company has not indicated whether the Cornwall development will add to the approximately 500 MW portfolio planned under the JV.
Sean Moore, senior investment director at Downing, said the acquisition “is aligned with Downing’s long-term investment strategy, which focuses on building and operating high-quality renewable energy sources that deliver stable returns while supporting the UK’s transition to a low-carbon energy system.”
Recent acquisitions by Downing include a pair of projects from BOOM Power, the 22.2 MW New Hall Solar Farm and the 49.9 MW Low Farm Solar Farm. The others are Halesfield Solar Farm from Vattenfall and Higher Hawkerland Solar Farm from developer SPRING CHE.
All acquisitions were completed after grid connection offers for Gate 2 Phase 1 were confirmed, indicating that the purchases were subject to secure grid connection data.
