Antin Infrastructure Partners is buying a majority stake in a UK smart grid developer and operator backed by energy services company Centrica
Antin, a private equity firm focused on infrastructure, said it has agreed to buy the stake in SNRG for an undisclosed sum.
SNRG was formed in 2018 with backing from Centrica which will retain a stake in the company following the transaction with Antin.
SNRG offers customers smart grid solutions comprising grid connections, distribution networks, solar photovoltaic panels, batteries, heat pumps and community electric vehicle charging.
Antin said the acquisition is the first made by the manager as part of its NextGen strategy announced last year.
Anand Jagannathan, Antin NextGen senior partner, said: “With its first project implemented and a proven concept looking to be rolled out, we felt SNRG was the right company to launch our NextGen strategy with, as it focuses on value-added investing in sustainable, scalable and connected assets.
“We are excited at the opportunity to support SNRG in achieving the next phase of its growth, through the build-out of a significant, identified pipeline of projects procured through its relationships with major developers.”
Shane Hussain, SNRG CEO said: “As the all-electric, zero-carbon transition gathers pace in the domestic and non-domestic building sectors, customers are seeking next-generation infrastructure solutions.
”Antin’s investment in SNRG along with Centrica’s continuing involvement will allow us to scale rapidly and meet the demand that is being driven by policy and society. We look forward to delivering low and zero carbon buildings throughout the UK.”
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