London-listed climate investor SDCL Energy Efficiency Income Trust plc has announced the sale of UU Solar, a 69-megawatt on-site renewables portfolio primarily consisting of solar assets in the UK, for GBP 90.8 million (USD 113.5m/EUR 106.1m).
According to a statement, the buyer is a subsidiary of UK Power Networks Group, a distribution network operator under the ownership of Hong Kong-based CK Infrastructure Holdings Ltd (HKG:1038).
SDCL Energy Efficiency Income Trust initially invested approximately GBP 100 million to acquire UU Solar, comprising operational on-site behind-the-meter assets, in mid-2022. The portfolio encompassed 67 megawatts of solar photovoltaic (PV) capacity, 2 megawatts of wind, and 0.1 megawatts of hydropower.
Currently, UU Solar serves as the primary supplier of on-site renewable electricity for UK water company United Utilities.
In a statement released on Tuesday, SEIT confirmed its intention to utilize the proceeds from the divestment to reduce short-term borrowings.
The acquirer, UK Power Networks Services Holdings Limited, specializes in distributed energy solutions and power distribution. Its expertise includes integrating technologies such as electric vehicle (EV) infrastructure, battery storage, and microgrids, reflecting a strategic move towards advancing sustainable energy solutions.
