The London- based investment boutique which owns Green Highland Renewables and a UK ports operator have joined forces to launch a new energy provider.
Leep Utilities is the name of the multi-utility joint venture formed by Ancala Partners Ltd LP and the Peel Group, the listed harbours company.
Ancala has acquired a 50% share in part of Peel’s existing utilities business, which owns and operates a range of private and regulated ‘last mile’ electricity, water and district heating utility assets. The new entity will provide a platform offering a complete utilities solution to new residential and commercial developments.
Peel’s current multi-utility platform has over 2,000 connections to homes and businesses and is licensed by OFGEM to own and operate uk electricity networks, and – in England only, water networks.
Spence Clunie, Managing Partner, Ancala Partners, commented: “Peel has a high quality utilities team that will be augmented by the deep utilities and investment experience that exists in Ancala. This is another example of how we proactively source platforms that add value for our investors.”
Steven Underwood, Peel Group Chief Executive, said: “Leep Utilities will build on these foundations by continuing to provide and expand its offering to Peel developments, whilst bringing much-needed competition in the market for utility connections to new UK commercial and domestic schemes.
“The launch of this exciting new venture is directly aligned with our strategy of securing high-quality partners to invest alongside Peel for long-term growth and to enhance the prospects for our key infrastructure and real estate investments.”