Smart Meter Assets (SMA), the fifth-largest meter asset provider in the U.K. electricity and gas markets, has completed a £545 million ($710 million) refinancing of the short-dated debt facilities raised at the time of the acquisition of SMA by Arcus Infrastructure Partners and GLIL Infrastructure in May 2021.
The refinancing was structured by way of a seven-year £510 million ($664 million) revolving capex facility and associated ancillary facilities, in addition to an accordion extension feature to allow the facilities to support new meter contract wins.
The refinancing received strong support from European banks making up the lending group, all with significant smart meter lending experience, and secured funding to enable the continued roll-out of smart meters for SMA’s two key originating energy suppliers, OVO Energy and Utility Warehouse.
“There is increasing recognition of smart meters as core infrastructure assets, with defensive characteristics and
