United Utilities Group PLC Disposal:United Utilities Renewable Energy Limited (0931S)
July 12 2022 - 2:00AM
UK Regulatory
TIDMUU.
RNS Number : 0931S
United Utilities Group PLC
12 July 2022
United Utilities Group PLC- LEI: 2138002IEYQAOC88ZJ59
United Utilities Group PLC
12 July 2022
UNITED UTILITIES AGREES TO SELL ITS RENEWABLE ENERGY
BUSINESS
United Utilities Group PLC ("UU") today announces that it has
agreed to sell its non-appointed renewable energy business, United
Utilities Renewable Energy Limited ("UURE"). UURE is being sold to
SDCL Energy Efficiency Income Trust plc ("SEEIT") for approximately
GBP100 million enterprise value. United Utilities has developed a
portfolio of solar, wind and hydro renewable assets since 2014 and
UURE comprises 69 MW of renewable generation assets across 70
sites. Following divestment, these assets will continue to provide
long-term green energy to our regulated Water and Wastewater
business, United Utilities Water Limited ("UUW"). This sale allows
UU to recycle its capital employed in the UURE business back into
the next phase of our ambitious journey to net zero, whilst
continuing to source green energy from the existing UURE portfolio.
Completion of the transaction is expected in the coming months.
Royal Bank of Canada Capital Markets ("RBC") acted as financial
advisor to UU and Norton Rose Fulbright ("NRF") acted as legal
advisor.
Steve Mogford, UU CEO said "We are committed to our ambitious
carbon pledges and target of achieving net zero carbon emissions by
2030. A key part of setting the foundations for that goal has been
our renewable energy portfolio that, in recent years, we have built
across our UU sites. With the portfolio now fully built-out and
operating well, we are excited about the opportunity to recycle our
investment in these assets to support the next steps in our plans
to achieve net zero".
"We are confident that SEEIT will be an excellent long-term
partner for the UU group, as the UURE asset portfolio moves into
the next phase of its life cycle".
United Utilities contacts:
Gaynor Kenyon, Corporate Affairs
Director +44 (0) 7753 622282
Robert Lee, Head of Investor
Relations +44 (0) 7500 087704
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END
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