11 November 2022
mua Group (“mua” or “the Group”), a 50:50 joint venture between SGN and J. Murphy & Sons Ltd (“Murphy”) that is responsible for utility asset ownership, is pleased to confirm that it has agreed a £30M non-recourse debt facility with Santander UK to fund orderbook rollout and other growth opportunities.
Following a period of substantial growth, mua has acquired an orderbook of 180,000 connections across a number of sectors serving and connecting residential, commercial and industrial properties and electric vehicle charging infrastructure.
mua comprises multi-utility asset businesses including an Independent Gas Transporter (IGT), an Independent Distribution Network Operator (IDNO) and other non-regulated entities. The Group takes a holistic view of utilities to improve the speed, precision and efficiency of how new communities are energised.
The investment supports their vision to become the first-choice, multi-utility network operator in Great Britain and will help mua accelerate the transition to net zero by continuing to promote and adopt greener utility infrastructure.
Advisors on the transaction included:
Gregory Addison-Smyth, Managing Director at mua Group, said:
“We are very pleased to receive financing from Santander to fund growth in the acquisition of infrastructure assets to support our journey to net zero.
“This funding is an endorsement of our strategy which, through our clients and partners, allows us to continue to invest in long-life utility assets to connect homes and businesses across Great Britain to essential utility infrastructure, safely delivering energy and multi-utility services through our networks in the simplest, smartest and greenest way possible.
“I would like to thank Santander and all our advisors, in particular Mazars and Addleshaw Goddard LLP, for their support in concluding the transaction.”
Jamie McAinsh, Asset Investment Director at mua Group, added:
“The completion of this capex facility underlines our success so far and reinforces the confidence the financial community has in our business plan. This transaction marks the next stage in our evolution, creating a springboard for sustained future growth, as we ramp up to continue support the transition to net zero through smart acquisition of utility networks.”
Jonathan Corcoran, Director Specialised and Project Finance, Santander UK said:
“We are delighted to have supported mua with this funding which will support the company's ambitious expansion plans. mua is critical in bridging the gap between energy supplier and energy distributors and our funding will support their transition towards net zero, a crucial part of our sustainability strategy too.”