£1 billion Meter Fit 5 Project Reaches Financial Close

London – The Meter Fit 5 Project, a £1 billion financing for the UK government mandated smart meter mass roll-out programme, reached financial close on 2 December 2015. The deal will finance seven million smart meters to be installed in UK homes during the period 2016 to the end of 2020.

Meter Fit 5 Limited, a member of the Calvin Capital Group owned by funds managed by Infracapital, will provide around 15% of the total UK domestic metering requirement during smart roll-out from 2016 to 2020. Equity finance is provided to Meter Fit by Infracapital funds and debt financing is being provided by the European Investment Bank and a club of six commercial lenders (HSBC, Barclays, SMBC, BTMU, Crédit Agricole and Santander). 

The deal is an important step in line with government plans to promote smart metering for domestic energy consumers.

Hogan Lovells partner Philip Brown led the team advising Meter Fit.  Philip was assisted by counsel Kavita Kishor and associate Jenni Sainthouse.

Philip Brown, partner, Hogan Lovells Infrastructure, Energy, Resources and Projects practice, London, said:
"We are very pleased to have worked closely with Calvin Capital to achieve the successful financial close of another Meter Fit project.  Meter Fit 5 is an important step in the promotion of a smart energy solution for the UK and significantly increases the size and capability of the Calvin business".

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