FC for UK meter programme

Calvin Capital and seven banks have closed £1bn in funding for the GB Smart Metering programme.

The programme to roll out more than seven million smart meters in homes is being supported by Calvin's shareholder, Infracapital, and backed by the European Investment Bank (EIB) alongside six commercial banks: Barclays, Crédit Agricole, HSBC, Santander, SMBC and MUFG.

Calvin Capital is wholly owned by Infracapital Partners, which is a fund managed by M&G Investment Management, the European asset management division of Prudential.

The EIB will provide £360m to the initiative, which is the largest project so far to be backed by the European Fund for Strategic Investments (EFSI) and the second in the UK after the Galloper offshore wind project.

Jonathan Taylor, EIB vice president, said this programme provides a benchmark for similar smart meter schemes across Europe in the future.

Under the government's plans, over 53 million smart electricity and gas meters are to be installed in every domestic property in Britain by 2020. Energy suppliers are responsible for supplying, installing and maintaining the gas and electricity meters.

Calvin was advised by RBS and Hogan Lovells.  The commercial lenders were advised by Allen & Overy, and Linklaters advised the EIB.