Energy Assets Group completes £690m refinancing of existing debt
The Energy Assets Group, with two Scottish offices in Livingston and Stirling, has completed a £690 million refinancing package, including £185 million of Capex facilities.
The Energy Assets Group is a leading UK company in multi-utility metering, data analytics and network construction, ownership and operation. It has been supported by its shareholders – Asterion Industrial Partners, EDF Invest and Swiss Life Asset Management AG – throughout the refinancing process.
The arrangement will help the group to expand its services across core markets and build on the success of their vertically integrated business model.
The group works with major energy suppliers and partners with the UK’s biggest brands, house builders, third parties and public sector bodies, providing a true end-to-end, multi-utility service – using ground-breaking technology, data analytics and innovative processes.
Colin Lynch, CEO of the Energy Assets Group, said: “This finance package will create a springboard for future growth, as we ramp up our service proposition in step with the decarbonisation of the economy.
“We see significant opportunities to create value for our stakeholders across all core areas of activity – whether that’s building the low carbon heat networks of the future, leveraging the power of metering and data to help customers measure and improve their sustainability, or introducing innovations in local energy network design to meet demand for greater electrification.”
Chief financial officer Luca Sutera added: “The successful completion of the refinancing underlines the success to date of the group’s business strategy, the confidence of the financial community on our credit profile and the support of our shareholders in our plans for the future.
“The new financing platform strengthens our position in markets linked to Britain’s roadmap to Net Zero and provides the foundations for a sustained period of accelerated and targeted growth.”
The refinancing package has been arranged and fully underwritten by a consortium of four leading European Banks: Banco Santander, Intesa Sanpaolo, Lloyds Bank plc and Natwest Markets.
The Energy Assets Group operates across Britain from locations in Livingston, Stirling, Darwen, Leeds, Blidworth, Northampton, Sheffield and Cardiff and employs almost 800 people.