Investment giant Peel targets energy growth with new multi-utility business

North West investment giant Peel Group has established a new multi-utility business.

The company, trading as Leep Utilities, was founded in a joint venture with mid-market infrastructure investment manager Ancala Partners LLP.

As part of the agreement, Ancala has acquired a 50% share in part of Peel’s existing utilities business, which comprises a mix of private and regulated ‘last mile’ electricity, water and district heating utility assets.

The new entity Leep, according to Peel, will offer a complete utilities platform for residential and commercial developments, enabling it to benefit from growth in independent gas, electricity, water and district heating.

Peel’s existing multi-utility platform has more than 2,000 connections to homes and businesses, including MediaCityUK, intu Trafford Centre, Liverpool International Business Park and Liverpool Waters.

The business is licensed to own and operate electricity and water networks by Ofgem and Ofwat.

Peel said Leep Utilities will continue to provide for its developments whilst bringing “much-needed competition” to the utility market for new commercial and domestic schemes in the UK.

Peel Group chief executive Steven Underwood said: “We are delighted to have reached agreement with Ancala Partners on the creation of Leep Utilities.

“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.”

Ancala Partners LLP managing partner Spence Clunie commented: “Peel has a high quality utilities team in place that has been backed by The Peel Group, one of the foremost real estate enterprises in the UK.

“This team 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.”

Peel Group operations director David Glover, who also serves as the chairman of Peel Utilities, said: “Our utilities team have worked incredibly hard to establish a strong position in the marketplace.

“This partnership with Ancala now offers exciting opportunities for the future which will build on our achievements to date.”

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