Energy Assets Group has added more than 600,000 industrial and commercial meters to its growing portfolio of assets with the acquisition of a UK smart meter portfolio from Macquarie Specialised and Asset Finance.
Energy Assets has invested an undisclosed sum to buy Cortex Metering Solutions (CMS) from Macquarie.
Colin Lynch, Energy Assets CEO, said: “This acquisition complements our gas metering portfolio and aligns with our strategy to be a leader in technologies and services that support the journey to Net-Zero.
“We very much look forward to extending our reach in industrial and commercial metering assets on behalf of new and existing customers, working in partnership with more than 80 energy suppliers who have relationships with CMS.”
Julian Liddy, senior managing director and head of Macquarie Specialised and Asset Finance in EMEA said: “Having played an active and founding role in the UK’s metering industry for the last 18 years, we are proud of the contribution we have made in building out the I&C portfolio to this point and helping our clients to deploy smart meters across the country.”
Neil Denley, a managing director for Macquarie Specialised and Asset Finance in EMEA, added: “The sale of part of our industrial and commercial portfolio will allow us to focus on our residential metering business – where we have an important role to play in helping meet our customers’ ambitious smart meter rollout targets.”
Macquarie, which entered industrial and commercial metering in 2006, said it will continue to focus its efforts on the residential metering sector going forward.