Livingston-based smart metering firm Energy Assets Group announced it has completed a £690 million refinancing package, including £185 million of capital expenditure (capex) facilities.
Energy Assets said it was supported throughout the process by shareholders Asterion Industrial Partners, EDF Invest and Swiss Life Asset Management AG.
The refinancing has been arranged and fully underwritten by a consortium of Banco Santander, Intesa Sanpaolo, Lloyds Bank plc and Natwest Markets.
“Over the last 16 years, we’ve grown from an owner and operator of gas meter assets, into one of the most dynamic energy services businesses in Britain – thanks to the success of a strategy of organic growth, smart acquisition, diversification and market innovation,” said Energy Assets Group.
“This refinancing package will help us expand our services across our core markets further and build on the success of our vertically integrated business model.
“We work with major energy suppliers and partner with the UK’s biggest brands, house builders, third parties and public sector bodies, providing a true end-to-end, multi-utility service – using ground breaking technology, data analytics and innovative processes.”
Energy Assets Group Colin Lynch said: “This finance package will create a spring board for future growth, as we ramp up our service proposition in step with the decarbonisation of the economy.
“We see significant opportunities to create value for our stakeholders across all core areas of activity – whether that’s building the low carbon heat networks of the future, leveraging the power of metering and data to help customers measure and improve their sustainability, or introducing innovations in local energy network design to meet demand for greater electrification.”
Energy Assets Group chief financial officer Luca Sutera said: “The successful completion of the refinancing underlines the success to date of our business strategy, the confidence of the financial community on our credit profile and the support of our shareholders in our plans for the future.
“The new financing platform strengthens our position in markets linked to Britain’s roadmap to Net Zero and provides the foundations for a sustained period of accelerated and targeted growth.”