REG - United Utilities Grp - Disposal:United Utilities Renewable Energy Limited

United UtilitiesAnnouncement

12/07/2022 07:00

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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 £100 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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