Calvin Capital secures further funding to support the UK Government’s smart meter roll-out programme
As the smart meter roll-out programme continues to accelerate, Calvin Capital has recently arranged a new and innovative funding platform with the European Investment Bank (“EIB”) to support its investment in the UK smart metering roll-out programme.
A Framework facility will be provided by the EIB which will be available to Calvin in order to fund, own and manage smart meters on behalf of major energy suppliers. The facility totals €500m (approx. £388m) and is available to Calvin to fund smart metering projects over the next few years. Calvin is already in discussions with a number of energy suppliers as part of the UK Government’s plans to ensure that over 53 million smart electricity and gas meters are installed in every domestic property in Great Britain by 2020.
This is the first time such a framework has been provided by the EIB that is supported by their European Fund for Strategic Investments (EFSI) initiative. It will give Calvin the ability to offer its customers access to EIB funds in order to help lower funding costs. This innovative approach provides a good platform for Calvin Capital and the EIB to work together in supporting the future roll-out of the Government’s smart meter programme.