SEEIT has plans to shell out £100 million ($119 million) to acquire a portfolio of on-site, predominantly operational solar photovoltaic (PV) projects from United Utilities Group (UUG).
As part of the deal, SEEIT will acquire a 100 percent interest in United Utilities Renewable Energy (UURE), which is a portfolio totaling 69 megawatts across 70 sites in Northwest England. The assets provide renewable energy generated onsite directly to the end user, United Utilities Water (UUW), the regulated water and wastewater business of UUG.
The renewable portfolio comprises 90 percent solar PV, 9 percent wind and 1 percent hydro in terms of total generation. The solar PV and wind assets are all connected to UUW onsite water utility infrastructure via private wire, and provide green electricity under long-term, fixed-price power purchase agreements with UUW.
“This project is an opportunity with distinct energy efficiency characteristics, providing essential clean energy