EQT and GIC are acquiring a majority stake in UK smart metering firm Calisen from BlackRock, Goldman Sachs Alternatives and Mubadala Investment Company, with Equitix remaining as a minority partner.
EQT’s active core infrastructure fund and the Singaporean sovereign wealth fund are investing an unspecified amount to jointly acquire the interests in Calisen held by BlackRock’s Global Infrastructure Partners, the Infrastructure business of Goldman Sachs Alternatives and Mubadala.
Calisen is a leading energy infrastructure company, providing smart meters, electric vehicle charging, solar, battery and heat pump solutions, as well as meter reading and maintenance services.
EQT and GIC expect to support Calisen’s growth by expanding its energy transition assets, including smart meters, heat pumps and renewable energy systems, both domestically and internationally. They also intend to explore opportunities in related sectors, such as smart water metering.
Kunal Koya, partner in EQT’s active core infrastructure’s advisory team, said: “Calisen is an exciting investment opportunity, combining significant downside protection and cash flow visibility with tangible upside potential.
“Its critical role in the UK’s energy transition aligns perfectly with EQT’s commitment to investing in essential infrastructure that contributes to a more sustainable future.”
Ang Eng Seng, CIO of infrastructure at GIC, said: “We are pleased to be investing in Calisen, a high-quality business with a strong market position and good sector tailwinds.
“Through its integrated business model, Calisen owns, installs, reads and maintains the meters throughout their useful life. With its steady cash flows and long-term contracts, we are confident in Calisen’s growth potential as a core infrastructure investment.”
George Kay, head of infrastructure for Europe at GIC, said: “Smart meters have a crucial role to play in the energy transition. Whilst they are installed at the consumer’s home, they create value across the supply chain. Consumers can track their consumption and potentially lower their bills through access to different tariffs, while suppliers and grid operators can save costs.
“Our investment will support the rollout of meters across the UK and we look forward to working with management, EQT and Equitix to grow the business for the long term.”
Sean Latus, CEO of Calisen, said: “Calisen plays an active role in the decarbonisation of the UK economy, a position we intend to strengthen with the support of all of our shareholders.
“EQT and GIC’s experience in the energy sector will be invaluable as we look to leverage our scale and customer relationships to significantly expand our smart meter portfolio and replicate our success in adjacent areas.”
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