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Agreement Between SSE and Zouk Ventures Limited

Source: www.gulfoilandgas.com 12/3/2010, Location: Europe

SSE (Scottish and Southern Energy plc) has entered into an agreement with zouk ventures limited, the London-based cleantech investor, under which they will each acquire a 40% stake in Anesco Ltd (Anesco), a new company formed to provide energy efficiency and carbon reduction solutions for householders, local authorities and businesses.

The remaining 20% stake will be owned by the Anesco management team, led by chief executive Adrian Pike and chief operating officer Tim Payne, both of whom previously held senior management positions in SSE Contracting.

Anesco will offer a variety of products, including property insulation, solar photovoltaics, solar thermal and maintenance of microgeneration installations. Developments such as the ‘Green Deal’, Carbon Reduction Commitment, Feed-in Tariffs and the Renewable Heat Incentive all point to major growth in each of these areas.

Daron Mullineaux, previously Operations Director, has become Managing Director of SSE Contracting and Neil Hutchings, previously Managing Director of Telecoms, has become Managing Director of SSE Utility Solutions and Telecoms.

SSE’s investment in Anesco is similar in scale to that it has made in other new or developing sustainable energy ventures.

Alistair Phillips-Davies, Energy Supply Director of SSE, said:

“There is likely to be major growth in energy efficiency and low carbon products over the next decade. SSE retains a direct, active and growing interest in this sector. Investing in Anesco provides us with another catalyst for growth in this area, and this blend of direct and indirect participation in these growing markets gives us a strong position for the future.

“We are strongly committed to our Contracting, Utility Solutions and Telecoms businesses and they are headed by an experienced and professional team, which will stand them in good stead for the future.”

Samer Salty, CEO of zouk and board member of Anesco, commented:

“Everyone at zouk is delighted to be partnering with SSE in this exciting company. Commercial and domestic demand for energy efficiency solutions will increase dramatically over the coming years, creating a market in the billions per year from the strong support by the UK government and regulators. We are proud to partner with such an established player and this deal is a true recognition of our leadership and expertise in cleantech. Anesco, with its highly experienced team and clear early mover advantage in a market with a huge potential, gives us confidence that we can generate a very attractive return for our investors.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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