Calvin agrees first stage smart meter roll-out contract with EDF Energy
Calvin Capital (Calvin) has recently completed the first step in supporting EDF Energy with its roll-out of smart meters across Great Britain. Calvin will provide the funding for the purchase of installed smart meters for EDF Energy under the Government’s plans to ensure that smart meters are installed in every home and business by 2020.
This is the second smart metering agreement that Calvin has secured with major energy suppliers in recent months. The CEO of Calvin, Jim Macdonald, said “I’m delighted that Calvin has been chosen to work alongside EDF Energy as it ramps up the installation of smart meters to its customers over the next few years. The relationship between Calvin with EDF Energy has gone from strength to strength over the last few months and securing this contract supports our ambition of becoming the leading provider of financing and management services to energy retailers in respect of smart metering.”
“The smart metering programme is a complex but vital project which we believe can make a big difference to the way customers understand and use energy. We have already installed tens of thousands of smart meters and we’re pleased to be working with Calvin as we prepare for the national smart meter roll-out,” said Jim Butler, Smart Metering Director, EDF Energy.
Calvin, based in Manchester, owns and manages the Meter Fit companies, which have provided asset tracking and funding for domestic gas and electric meters since 2002. Calvin is 100% owned by funds managed by Infracapital, the European infrastructure equity arm of M&G Limited, Prudential Plc’s European Investment Management division, which manages over £2.4bn of funds across essential infrastructure sectors. Its funds acquired Calvin in 2007 and have since supported significant growth in the company.