Vattenfall has entered into an agreement to sell its UK electricity distribution company, Vattenfall Networks Ltd, to Eclipse Power Limited, which already owns the electricity distribution company Eclipse Power Networks. Eclipse Power Group is owned by Octopus Sky Fund, which operates infrastructure projects across the UK. The energy company said in a statement.
The sale is part of the energy company's strategy to optimize resources and strengthen investments in fossil-free solutions. Since its establishment in 2018, Vattenfall Networks has developed, owned and operated electricity networks that connect homes, businesses and green energy projects to the UK electricity grid. In 2024, 20 projects were commissioned – the highest number in one year – and the company entered into new agreements with customers within waste management, renewable energy, AI infrastructure and heavy industry.
- The agreement ensures that our distribution business can continue its growth and contribute to further electrification. Vattenfall's IDNO business has performed well since entering the UK market, which is a testament to the focus and dedication of its employees, says Annika Viklund, Senior Vice President and Head of Business Area Distribution at Vattenfall.
Vattenfall did not disclose the value of the deal, which is expected to be completed by the end of 2025. Vattenfall's other activities in the UK, including wind power, energy trading and district heating, will continue as before.
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