Eversheds Sutherland acts for Singapore-based Sembcorp Industries on its £216m acquisition of UK Power Reserve

Eversheds Sutherland has acted for Singapore-based Sembcorp Industries on its £216m acquisition of UK Power Reserve (UKPR) from Equistone Partners Europe, Inflexion Private Equity and UKPR management.

The acquisition of UKPR, which owns and operates a portfolio of distributed generation projects across 32 locations in England and Wales, will considerably increase Sembcorp’s ability to build an integrated energy business in the UK.

The deal also supports Sembcorp’s strategy to position itself for the global energy transition and grow its merchant energy capabilities. The acquisition of UKPR was won by Sembcorp following a competitive bid process.

Sembcorp has an energy portfolio of over 12,000 megawatts, including thermal power plants, renewable wind and solar power assets, as well as biomass and energy-from-waste facilities. Listed on the main board of the Singapore Stock Exchange, it has total assets of over S$22bn and over 7,000 employees.

The Eversheds Sutherland team was led by corporate Partner Jason Lovell and included Senior Associate Oliver Weerasuriya, Associate Chris Pass, Associate Sarah North and Associate Heting Li.

Stephen Hands, Head of UK Legal at Sembcorp, commented:

“This acquisition provides Sembcorp with new capabilities and technologies which will enable it to better meet the needs of a fast-moving energy market and provide opportunities for further expansion in the UK. The Eversheds Sutherland team, led by Jason, provided excellent advice and client support throughout.”

Jason Lovell, commented:

“The opportunity to support and advise Sembcorp on this game-changing transaction was an exciting one for the team and enabled us to demonstrate our expertise across the corporate and energy practices. We look forward to working again with Sembcorp as it continues to grow and expand its business portfolio.”