Leep pounces on SSE Water to form NAV sector's largest player
Operator of non-regulated and regulated power, heat and water networks, Leep Utilities, is poised to acquire what is claimed to be the UK’s largest New Appointments and Variations (NAV) company, SSE Water, from energy firm, SSE for an undisclosed sum.
Leep will merge SSE Water’s 20,000 customers at 28 sites in southern England and Wales with its own networks. Leep expects to close the deal is by the end of March. It is conditional on various approvals.
Leep is a joint-venture between infrastructure investment manager, Ancala Partners (Ancala), and private real estate investment and infrastructure firm, Peel Group. Managing Partner at Ancala, Spence Clunie, sad that while NAV companies remain under-represented in the UK new water connections market, he anticipated that would change: “We have high conviction in the growth of the NAV market and Ofwat’s initiatives to encourage a successfully functioning NAV market should support the growth of the SSE Water business. There is tremendous potential in delivering water and waste water networks more quickly and efficiently to developers whilst improving service and value to end-customers,” he said.