Hogan Lovells Advises on Sale of Leading Smart Meter Business

Hogan Lovells has advised Infracapital on the sale of Calvin Capital, the domestic energy metering business, to KKR Infrastructure Fund II for an undisclosed sum. Hogan Lovells has advised Infracapital Fund I and Infracapital Fund II, each managed by M&G Investments, as the joint owners of Calvin Capital on the transaction.

Hogan Lovells has also acted for Calvin Capital in connection with their metering projects for many years. This transaction is the culmination of a highly successful ownership strategy for Infracapital.

In December last year the firm advised Calvin Capital on the Meter Fit 5 Project - a £1 billion financing - and in May on the Meter Fit 10 Project.  Each of these support the UK government mandated smart meter mass roll-out programme to finance seven million smart meters to be installed in UK homes.

Lead London infrastructure and energy partner Philip Brown advised Infracapital, with associate Elisabeth Bennett. They were supported by London partners Angus Coulter (antitrust) and Ed Harris (private equity), and counsel Kavita Kishor (project finance).

Commenting on the transaction, Philip said:

"To have been involved in the evolution of the Calvin Capital domestic energy metering business from the outset, from the creation of a number of Meter Fit projects to the agreed sale of the entire Calvin business on Monday, has been a hugely interesting and rewarding experience. In developing Calvin Capital to its current scale, both Infracapital and the management team have established an attractive business that will prove key to government plans to promote smart metering for domestic energy consumers, and to providing a realistic and achievable smart energy solution for the UK."

Citi were the financial advisors to Infracapital. Clifford Chance and Simpson Thacher & Bartlett advised KKR.


Back To Listing

Loading data