Calvin reaches Financial Close with Ecotricity for smart meter provision
Calvin Capital is delighted to announce that it has reached financial close on a funding arrangement to support Ecotricity with their smart metering programme.
As part of this partnership Calvin Capital will provide the funding for the purchase and installation of Ecotricity’s current smart metering requirements to meet the Government’s mandated plans for smart meters to be installed in every home and business by 2020.
This contract win with Ecotricity follows from Calvin’s recent change in ownership and the development of a compelling funding proposition for the rapidly growing independent energy supplier sector. Calvin has been keen to provide a tailor-made solution for this sector and has now successfully adapted its funding methodologies to support a range of energy suppliers of various sizes.
“Calvin Capital welcomes the opportunity to work with Ecotricity, a market leading independent supplier and a pioneer in providing green energy, ensuring that their customers receive the additional benefits that smart meters bring. Working with Ecotricity has been a very enjoyable and positive experience, we are certain that our relationship will continue to grow and hope that this is a platform for future collaboration” said Bert Pijls, Calvin Capital’s Chief Executive Officer.
Asif Rehmanwala, Chief Operating Officer at Ecotricity, said: “Ecotricity are excited to work with Calvin Capital to deliver smart meters to our customers and enable us to bring new and exciting products to maximise decentralised renewable generation.”
Calvin Capital, based in Manchester is one of the UK’s leading owners and financiers of domestic gas and electricity meters and has been successfully providing support for energy suppliers metering roll-out plans since 2002. Calvin Capital is owned by funds managed by Kohlberg Kravis Roberts, a global investments firm which manages over $148.5bn of assets across multiple sectors.
Ecotricity was founded in 1995 as the world’s first green energy company and now supplies almost 200,000 customers across Britain from a growing fleet of wind and sun parks. Ecotricity is a ‘not-for-dividend’ enterprise that, on average over the last eleven years, has invested more per customer in building new sources of green electricity than any other energy company in Britain.