Renewable energy portfolio changes hands in £90m deal

Godley Reservoir solar panels

A range of renewable energy sites have been acquired in a deal worth £90.8m.

The solar, wind and hydro energy plants which generate 68.7MW of electricity, have been sold by Warrington-based United Utilities Water (UUW).

London-based energy solutions business, UK Power Networks Services, has expanded its portfolio of key infrastructure assets with the deal for UU Solar, from London-based SDCL Energy Efficiency Income Trust LLP (SEEIT), for an undisclosed sum.

It sees UK Power Networks Services taking ownership of 70 solar, wind and hydro energy plants across the North West and Midlands

The portfolio is underpinned by a long-term Power Purchase Agreement with UUW.

UK Power Networks Services has a long history of successfully and efficiently managing large asset portfolios for clients with critical national infrastructure and this investment will represent another strategic addition to its broad portfolio, it said.

Director of UK Power Networks Services, David Mitchell, 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.”

He added: “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.”

United Utilities’ extensive renewable energy installation programme began in 2014, and it now has 70 solar, wind and hydro installations across the region, including Europe’s first commercial floating solar array on Godley Reservoir near Hyde in Manchester.