Macquarie Specialised and Asset Finance has announced the sale of its industrial and commercial (I&C) smart meter portfolio in the UK to Energy Assets Group.
It has divested Cortex Metering Solutions (CMS), a Meter Asset Provider (MAP) in the UK I&C sector with more than 600,000 meters rented to more than 80 energy suppliers.
Smart meters provide energy consumption data to customers and energy suppliers in near real-time, with the rollout a key enabler towards a more efficient energy system and gives customers more information and control over their energy use.
Energy Assets is an I&C multi-utility metering and data services business, helping public and private sector organisations to improve their energy efficiency through analytics and innovative customer-focused processes.
Macquarie is one of Britain’s largest MAPs with a portfolio of more than 11 million meters.
Neil Denley, a Managing Director for Macquarie Specialised and Asset Finance in EMEA said: “The sale of part of our I&C 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.
“After a competitive process, we have chosen Energy Assets as a highly credible new owner, with longstanding experience and an impressive track record, who we believe can continue to deliver successfully for our commercial metering clients.”
Energy Assets added the company is “delighted” to extend its reach in the I&C metering sector.
Chief Executive Colin Lynch said: “This acquisition diversifies our metering portfolio, complements our offering and aligns with our strategy to be a leader in technologies and services that support energy efficiency and environmental sustainability in the I&C market segment. We very much look forward to working closely with our customers on this exciting phase for the Group.”