Macquarie secures meter funding contract with British Gas

06 May 2011

London, 6 May, 2011 – Macquarie’s Corporate and Asset Finance Group (Macquarie), has executed a contract with British Gas, part of Centrica PLC, to finance the purchase and installation of smart and traditional residential gas and electricity meters on a national basis in the UK. The contract replaces part of British Gas’ existing meter funding programme and significantly expands Macquarie’s relationship with the largest energy supplier in the UK.

Macquarie, through its subsidiary Capital Meters, has been a long term funder of British Gas in the deregulated metering market in the UK since 2003. The selection of Macquarie as a preferred funder for meter asset provision (MAP) consolidates Macquarie’s position as one of the leading smart meter funders and asset financiers in the United Kingdom.

John Wilson, Executive Director, Macquarie Group said, “We are pleased to be a key funder for such a critical project for British Gas. Securing our position as a primary funder for this programme demonstrates Macquarie’s ongoing commitment to provide innovative energy and meter funding solutions for UK energy companies.”

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About Macquarie
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie’s main business focus is making returns by providing a diversified range of services to clients. Macquarie acts globally on behalf of institutional, corporate and retail clients and counterparties. Macquarie Group Limited is listed in Australia (ASX: MQG) and is regulated by APRA, the Australian banking regulator, as the owner of Macquarie Bank Limited, an authorised deposit taker. Macquarie also owns a bank in the UK, Macquarie Bank International Limited, which is regulated by the FSA. Macquarie's activities are also subject to scrutiny by other regulatory agencies around the world.

Founded in 1969, Macquarie employs approximately 15,500 people and operates in more than 70 office locations in 28 countries.

About Macquarie’s Corporate and Asset Finance Group

Corporate and Asset Finance Group (CAF) engages Macquarie Bank Limited's balance sheet to provide lending, leasing and remarketing services. CAF provides innovative and traditional capital, finance and related services to clients operating in selected international markets. With offices in Australia, Asia, North America and Europe, CAF specialises in:

  • Corporate and asset-backed lending
  • Real estate lending
  • Leasing
  • Specialised asset financing
  • Asset lifecycle management services
  • Equipment trading and remarketing.