Multi-utility connections asset owner mua has finalised a £30 million investment deal with Santander to fund orderbook rollout and other growth opportunities.
Since the company was established in 2019, following a 50:50 joint venture agreement between SGN and J Murphy & Sons Ltd, mua has acquired approximately 180,000 network connections across several sectors in residential, commercial and industrial properties.
mua is an independent distribution network operator and independent gas transporter and provides a multi-utility asset business to help improve the speed, precision and efficiency of how new communities are powered.
The funding deal was completed this week and will enable mua to accelerate the growth in acquiring gas, electricity and renewable heat solutions infrastructure assets to support the journey to net zero carbon emissions.
Gregory Addison-Smyth, Managing Director of mua 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, for their support in concluding the transaction.”
SGN Future of Energy Director and mua Chair Simon Reilly said: “This investment vindicates mua’s success and incredible growth since its inception in 2019. Importantly, it highlights the fantastic work that Greg and the management team have delivered over the last three years. The funding not only allows us to build out our existing pipeline but gives us the platform for growth, both in our existing service offerings and through the expansion of our sustainable energy solutions offerings to new and existing clients.”
