Aberdeen Standard Investments has made a £48m (€53m) investment in a UK smart meter firm Calvin Capital.

The asset manager’s infrastructure debt team has invested the capital to help refinance 3.8m smart meters and facilitate the installation of a further 6.4m smart meters by the end of 2024.

The manager said the investment was made on behalf of the ASI Multi-Sector Private Credit Fund as well as its strategic clients, including Phoenix Group, amongst others.

Jeremy Allcock, head of Aberdeen Standard Investments infrastructure debt, said: “The long term strategy of Calvin Capital will help to drive the UK green agenda forward, whilst aiming to deliver returns for our clients alongside the ability to match long term liabilities.”

Calvin Capital is a part of the Calisen, an energy infrastructure asset manager backed by KKR.

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