Electricity North West, the DNO for the North West of England, has decided to sell the remaining 50% of the business held by institutional investors to a consortium led by Japan’s Kansai Electric Power Co. Inc.
The consortium purchasing the remaining 50% share in the company is the same one that led the acquisition for the initial 50% stake in Electricity North West back in July 2019. It consists of Kansai Electric Power Co. Inc, Chinese investment firm CNIC, and London-based investor Equitix.
Electricity North West is one of the smallest DNOs in the UK, but is still responsible for inspecting and maintaining more than 13,000 km of overhead power lines, 43,000 km of underground cables and more than 38,000 transformers across the region. Thankfully, Kansai has a lot of experience in that area, with the company responsible for the power generated in Japan’s second largest industrial region.
John Roberts, chair of Electricity North West, said, “We are a high performing organisation and I’m delighted that Equitix and the Kansai-led consortium are increasing their stake in the company, and that their confidence has attracted the additional commitment of CNIC.
“I am extremely proud of the contribution we make to the North West every day. This is down to the hard work, dedication and commitment of our people who continue to deliver industry-leading reliability and are set to enable the transition to a net-zero future across the region.”
Hugh Crossley, chief investment officer for Equitix, added, “We are delighted to be increasing our investment in Electricity North West, one of the UK’s premier distribution network operators. We are impressed by its commitment to outperformance, innovation and investment in the network, and to providing an excellent service for its customers. As a long-term investor we are fully committed to supporting those aims for the benefit of all stakeholders.”