DigitalBridge has agreed to acquire PLUS ES, the unregulated digital metering business of Australian electricity distribution firm Ausgrid, in a transaction valued at a reported A$3bn (€1.84bn).
Justin Chang, head of Asia Pacific and senior managing director at DigitalBridge, said: “PLUS ES sits at a compelling intersection of digital infrastructure and the energy transition. With approximately 2m meters already deployed, the business has meaningful scale and an important role in Australia’s energy ecosystem.”
The smart meter operation is ring-fenced from Ausgrid’s broader businesses. The electricity company is owned by the NSW Government, which holds a 49.76% stake, alongside IFM Investors with 25.21%, Dutch pension asset manager APG with 16.8%, and AustralianSuper with 8.4%.
Ausgrid said the divestment represented “an exciting new chapter” for the PLUS ES digital metering business and would create new opportunities for investment, innovation and growth across the digital electricity and water metering operations.
The PLUS ES contestable infrastructure business is not part of the sale and will be transferred to other Ausgrid Group partnerships, according to Ausgrid.
It is one of Australia’s three smart meter operators required to replace legacy electricity and gas meters by 2030. The firm owns 4.4m smart meters, representing a market share of more than 35%.
The other key market players are Intellihub, owned by Brookfield and Pacific Equity Partners, and Bluecurrent, majority-owned by QIC and New Zealand-listed Vector.
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