UK network operator gets £100m for net zero goal

Friday 23 August 2024
Exciting news has emerged in the realm of energy and utilities as multi-utility network operator mua Group secures a whopping £100 million in debt facility. This substantial financial boost aims to bolster over 415,000 contracted gas and electricity connections spanning the length and breadth of the nation.
With a robust portfolio boasting more than 136,000 live connections and a recent foray into the water sector, mua Group is set to revolutionise the energy landscape. The injection of funds will specifically focus on enhancing their Extra High Voltage (EHV) and High Voltage (HV) connection offerings.
Moreover, this financial backing will pave the way for mua Group to provide essential grid connections to a variety of vital sectors. These include data centres, battery energy storage systems (BESS), large industrial and commercial projects, and electric vehicle charging infrastructure.
Noteworthy is the collaborative effort that has made this financial leap possible. Santander UK continues its unwavering support for mua Group, alongside new funding partners Lloyds Bank and NatWest. This synergy of financial backing demonstrates a shared vision for sustainable growth and infrastructure development.
Gregory Addison-Smyth, the Managing Director of mua Group, expressed his enthusiasm for this milestone achievement. He stated, ‘Securing this £100m debt facility is a great endorsement of our business and our plan, and marks another strategic milestone for us at mua. Our rapid and sustainable growth over recent years has established us as one of Britain’s leading independent multi-utility network operators. This additional funding creates a fantastic platform to fuel our future growth across our established utility markets, such as BESS, data centres and EV charging. We’re grateful to Santander UK for continuing to support us through this debt financing, since providing our original funding facility back in 2022, and we welcome the support of our new funding partners Lloyds Bank and NatWest.’
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