U.K. private equity firms Equistone Partners Europe Ltd. and Inflexion Private Equity Partners LLP agreed to sell UK Power Reserve Ltd. to Sembcorp Industries Ltd. for an equity value of £216 million.
Singapore-headquartered Sembcorp will acquire all assets, liabilities and net debt of UK Power Reserve, a developer and operator of power generation in the U.K., according to May 31 news releases. Since Equistone and Inflexion's investment in late 2015, UK Power Reserve achieved a capacity of over 500 MW and boosted revenue to more than £80 million from £20 million. The company has 32 "rapid-response power stations" across England and Wales.
Under Sembcorp's ownership, UK Power Reserve plans to bring an additional 480 MW of capacity online by 2019, including 120 MW of battery storage systems.
"In Sembcorp, UK Power Reserve has found a strong new shareholder and a good strategic fit," UK Power Reserve co-founder and CEO Tim Emrich said in a statement.
RBC and Addleshaw Goddard advised Equistone.
