Infrastructure
| Sector | Infrastructure |
| Sub-sector | Utilities |
| Location | United Kingdom |
Among these, smart meters and smart grids2 have emerged as a significant energy transition enabler, with the digitisation of energy systems playing a key role in integrating more renewables.3
Smart meters’ automatic readings provide clarity on fluctuating energy usage which empowers consumers to budget accordingly, whilst enabling providers to offer discounted tariffs in quieter periods.4 These tariffs incentivise efficient energy use, ultimately reducing the system’s reliance on imported energy and lowering carbon emissions.5
Calisen is an independent owner and manager of smart meters and energy transition infrastructure in the UK, playing an active role in the decarbonisation of the UK economy. It is the largest meter asset provider in the market and is expanding into a full-service energy transition offering. This includes providing and installing heat pumps, EV chargers, water metering, solar panels and batteries.6 With a £350 million EBITDA,7 an existing asset base of over 15 million meters8 (12 million of these being smart meters) and over 20 million smart meters expected by the end of the rollout, Calisen is well-positioned to capitalise on market trends underpinned by the energy transition. Smart meters are being recognised as a key enabler of the UK government’s Clean Power by 2030 mission10 and in Germany through the national smart metering rollout.11
We leveraged our deep sector expertise to position Calisen as a core infrastructure offering that possesses tangible growth opportunities through its leading market position and ongoing expansion into related sectors including solar panels, heat pumps and EV chargers.
We demonstrated how Calisen delivered long-term through contracted cash flows underpinned by regulatory certainty and supportive macro tailwinds – all of which are key attributes that are sought by infrastructure investors. A focus was placed on churn and termination protections and the Supplier of Last Resort regime, while highlighting Calisen’s relevance amidst the backdrop of smart rollouts in the energy transition.
Outcome
The sale followed a prior successful transaction with Calisen, where we advised the business on its acquisition of MapleCo, demonstrating the team’s added value throughout the M&A lifecycle.
This transaction marks the eighth successful UK metering deal in the last five years completed by Macquarie Capital, building on our involvement in other smart meter transactions; including advising on KKR’s take-private of SMS and subsequent acquisition of SMA and Horizon.
Under its new ownership, Calisen is set to continue its smart meter rollout and is well positioned for international growth and to expand its presence in energy transition infrastructure.
UK home smart meters expected by the end of the rollout
successful UK metering deal in the last 5 years completed by Macquarie Capital
UK infrastructure M&A deal in 202512
After advising the company on the acquisition of MapleCo, we were privileged to assist the shareholders on a successful exit of their majority stake in Calisen. Deep sector knowledge, coupled with an understanding of the characteristics that infrastructure investors are seeking to invest in, remains paramount for successful M&A.”
Ashish Mehta
Executive Director
Macquarie Capital
Learn more
