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A group led by CK Infrastructure (1038) has completed the acquisition of UU Solar - a 68.7 megawatts portfolio of renewable assets in the United Kingdom - for 90.8 million (HK$890 million).

The acquisition was done through UK Power Networks Services, the private networks business of UK Power Network, in which CKI and Power Assets (0006) each hold a 40 percent stake, with the remaining 20 percent taken by CK Asset (1113).

UU Solar owns and operates a portfolio of 70 renewable generation assets, including 65 solar photovoltaic, four onshore wind, and one hydro generation assets.

The majority of the renewable electricity generated from these assets is supplied to the facilities of United Utilities Water, a regulated UK water and sewerage company, with the excess exported to the grid.

With 90 percent of revenue underpinned by long-term agreements and UK government renewable subsidies, CKI said UU Solar is expected to deliver immediate returns, recurrent profit contributions, and consistent cash flows.

With cash on hand of HK$13 billion and net debt to net total capital of 7.7 percent as of last year, CKI added that it will study new investment opportunities that arise from global decarbonization as part of the overall business development strategy.

In late April, a consortium of CKI, CK Asset, and Power Assets reached an agreement to acquire a Northern Ireland gas distribution network operator, Phoenix Energy for HK$7.4 billion.

UU Solar owns and operates a portfolio of 70 renewable generation assets.

CK buys UK solar assets for 90m