London, 16 March 2020
Macquarie’s Specialised and Asset Finance Division (Macquarie) – part of Macquarie’s Commodities and Global Markets Group – has today announced an agreement with So Energy Trading Limited (So Energy) to support the business’ roll-out of SMETS2 smart meters. In partnership with Morrison Data Services, Macquarie will provide an end to end service solution for the provision, installation and funding of smart gas and electricity meters.
So Energy is one of the UK’s fastest growing energy suppliers, having quadrupled in size over the past 18 months, and is now a Which? Recommended Energy Provider for 2020. Since becoming operational five years ago the company now provides 100 per cent renewable electricity to almost 200,000 homes across the country.
Macquarie Specialised and Asset Finance is the UK’s largest Meter Asset Provider (MAP) with more than ten million meters deployed throughout Great Britain, including more than five million smart and advanced meters.
Julian Liddy, Senior Managing Director for Specialised and Asset Finance said: “This is a significant milestone for our business and demonstrates our desire and ability to both respond to the needs of our client, So Energy, and the broader market. We are looking forward to working with So Energy as they continue to grow and evolve their business over the coming years.”
Aaron Sweet, Head of Commercial at So Energy said: “We’ve built our business around the customer and pride ourselves on being the only supplier to top the Citizens Advice rankings and be a Which? Recommended Provider. Our new partnership with Macquarie will utilise their significant expertise in smart metering to ensure we can provide an even better experience and more smart solutions for our customers.”
Macquarie Group has had a presence in the UK for 30 years, opening its London headquarters in 1989 and has operated in the UK power sector since 1997. Today, Macquarie Group is one of the largest investors in the UK, having invested and arranged more than £40 billion in infrastructure projects since 2005. This includes 140 green power projects since 2010.
Smart meters are the next generation of a gas and electricity meter, providing energy consumption data to customers and energy retailers in near real time. The roll-out of smart meters is a key enabler to a more efficient energy system and gives customers more information and more control over their energy use. Research by Smart Energy Great Britain shows that if every household acted on energy efficiency now, we could achieve 11 per cent of the UK's 2050 carbon targets.2