WARRINGTON (dpa-AFX) - United Utilities Group PLC (UU.L, UUGRY.PK) announced that it has agreed to sell its non-appointed renewable energy business, United Utilities Renewable Energy Ltd. to SDCL Energy Efficiency Income Trust plc for about £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 the company's regulated Water and Wastewater business, United Utilities Water Ltd.
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 acted as financial advisor to UU and Norton Rose Fulbright acted as legal advisor.
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