UKPN Services acquires renewables portfolio serving United Utilities Water

UK Power Networks Services has acquired UU Solar from SDCL Energy Efficiency Income Trust LLP (SEEIT).
The deal sees UK Power Networks Services taking ownership of 70 solar, wind and hydro energy plants with a total capacity of 68.7MW. The plants generate electricity for United Utilities Water (UUW) under a long-term power purchase agreement. SEEIT said the £90.8 million sale was at 4.5% premium to Company’s 30 September 2023 valuation.
David Mitchell, Director of UK Power Networks Services, said: “Our vision is to deliver sustainable, reliable energy and we see this renewables portfolio as a natural fit. Our long-term objective is to grow our technology and geographic footprint in the renewables sector.”
Jonathan Maxwell, CEO of the Investment Manager, SDCL, said: “The sale is positive news for SEEIT as it makes a meaningful contribution to its objectives to reduce short term borrowings, to improve liquidity and to focus on investment in higher yielding assets that support SEEIT’s total return objectives.
“We have been building our capacity in this sector in recent years and recently delivered one of the largest solar car ports in the UK. This acquisition has been carefully negotiated to achieve a good price and is another example of us investing in large portfolios of key renewable UK assets.”
UK Power Networks Services focuses on distributed energy solutions and power distribution, including energy technology consulting, asset financing, major project delivery, design and build, operations and maintenance and asset management. It is a sister company of distribution network operator UK Power Networks. Its portfolio includes several UK airports, High Speed 1, Network Rail, London Underground, Docklands Light Railway, EDF (Hinkley Point C), Ministry of Defence, Felixstowe Port, UPS and Canary Wharf.

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