EQT Active Core infrastructure fund and GIC, a global investor, have announced an agreement to jointly acquire a majority stake in Calisen Group, an independent smart metering company in the UK.
The acquisition will be from funds managed by Global Infrastructure Partners, part of BlackRock, Goldman Sachs Alternatives and the Mubadala Investment Company, with Equitix retaining a minority stake.
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The transaction is subject to conditions including regulatory approvals.
GIC chief investment officer infrastructure Ang Eng Seng stated: “We are pleased to be investing in Calisen, a high-quality business with a strong market position and good sector tailwinds. Through its integrated business model, Calisen owns, installs, reads and maintains the meters throughout their useful life.
“With its steady cash flows and long-term contracts, we are confident in Calisen’s growth potential as a core infrastructure investment.”
Headquartered in Manchester, Calisen is a prominent owner and manager of essential energy infrastructure assets.
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By GlobalDataCalisen aims to accelerate the development of a cleaner, more efficient and sustainable energy sector.
Thanks to its scale, operational excellence and strong customer relationships, Calisen has become a preferred provider in the UK, operating primarily under long-term contracts.
Calisen, with an installed base of 16 million meters, is in a strong position to capitalise on market trends fuelled by the ongoing energy transition.
Calisen CEO Sean Latus stated: “I am delighted to welcome EQT and GIC as new long-term majority owners of the business alongside our continuing investor. Calisen plays an active role in the decarbonisation of the UK economy, a position we intend to strengthen with the support of all of our shareholders.
“EQT and GIC’s experience in the energy sector will be invaluable as we look to leverage our scale and customer relationships to significantly expand our smart meter portfolio and replicate our success in adjacent areas.”
EQT and GIC plan to support Calisen’s long-term prospects by driving the continued rollout of energy transition-related assets, including smart meters, heat pumps and renewable energy systems, both in the UK and abroad.
The rollout of smart meters is expected to increase due to a supportive regulatory framework towards net zero and demand from energy suppliers and customers for energy efficiency and electricity grid balancing.
GIC head of infrastructure Europe George Kay stated: “Smart meters have a crucial role to play in the energy transition. Whilst they are installed at the consumer’s home, they create value across the supply chain. Consumers can track their consumption and potentially lower their bills through access to different tariffs, while suppliers and grid operators can save costs.
“Our investment will support the rollout of meters across the UK and we look forward to working with management, EQT and Equitix to grow the business for the long term.”
