July.12.2022
Orrick has advised Sustainable Development Capital LLP (‘SDCL’) on its agreement to acquire the entire issued share capital of United Utilities Renewable Energy Limited (‘UURE’) from United Utilities Group (‘UUG’) for approximately £100 million.
UURE owns a portfolio of 70 operational renewable energy assets, comprising (i) ground mounted, rooftop and floating solar projects, (ii) onshore wind, and (iii) a hydro-electric project which provide renewable energy generated on-site directly to the end-user, United Utilities Water Limited (‘UUW’), to provide power to critical water infrastructure. UUW is the regulated water and wastewater business of UUG, a listed water and wastewater company in the UK.
Founded in 2007, SDCL is the investment manager of SDCL Energy Efficiency Income Trust plc (‘SEEIT’) (LON: SEIT) which launched in 2018 and is a constituent of the FTSE 250 index. SEEIT was the first UK listed company of its kind to invest exclusively in the energy efficiency sector.
The Orrick team advising on the acquisition included Adam Smith, Barry Cahill, Craig Bruce and David O’Donovan.