The European Investment Bank (EIB) is providing £190 million to support a range of projects, including the installation of smart meters across the north of England and Scotland.
Communications infrastructure specialist Arqiva will use part of the fund to finance the smart meter rollout programme in the UK.
Jonathan Taylor, EIB Vice President said: “The European Investment Bank recognises the diverse benefits of investment by Arqiva in the latest transmission equipment that will help reduce energy bills through national use of smart meters.”
The UK Government aims to install more than 50 million smart meters across the country in the next five years.
Earlier this month a new campaign aimed at engaging the public with the national smart meter rollout was launched.