MapleCo is pleased to announce that they have recently extended their relationship with OVO Energy by way of an additional Agreement to provide MAP services and funding for a further one million smart meterstaking the total committed volume to 5.32 million. This represents 10% of the total number of smart meters that Energy Suppliers need to install by mid-2025. It is the third tranche of funding provided by MapleCo for Ovo energy.
Created in 2017, MapleCo funds the procurement and installation of electricity and gas meters, in return for fixed payments under long-term agreements with energy suppliers. Its smart meters are essential for the provision of accurate data to both consumers and suppliers, enabling improved customer service, power grid management and innovation in the energy market.
The business was acquired by Equitix Investment Management Ltd from Borealis Smart Holdings, Ontario Teachers’ Pension Plan Board and SSE in late 2020.
Achal Bhuwania, Deputy Chief Investment Officer for Equitix, said: “MapleCo is a critical part of the UK’s energy infrastructure, supporting the green energy transition and helping advance the UK government’s policy goals.
“We are pleased to have teamed up with Ovo to support the installation of over 5.3 million meters to the domestic market and are confident that the company will continue to deliver on its long-term growth ambitions across the metering and wider energy services markets.”
About Equitix:
Founded in 2007 and headquartered in London, Equitix is a leading infrastructure investment firm that manages over £7 billion on behalf of long-term investors, including a large proportion of UK pension funds. We manage six core infrastructure flagship funds, numerous co- investment funds which are dedicated to larger infrastructure projects, and segregated managed accounts providing customised solutions. Our investment strategy focuses on core infrastructure projects, predominantly located in the UK and covering a wide range of sectors with a particular focus on social infrastructure, transportation, regulated utilities and renewables. Across all of our core funds, we seek to hold assets for the life of the fund, which is typically 25 years. We have acquired over 300 core infrastructure projects since our inception, thereby establishing a strong reputation as a trusted partner, operator and fiduciary fund manager.
MapleCo and OVO are pleased to announce they have agreed to extend their current relationship until the end of 2024.
MapleCo, one of the UK’s largest smart meter providers, has signed an agreement with Ovo Energy to roll out a further one million meters to the domestic market, taking the total number to 5.32 million, the largest by any supplier. These installations form part of the Government’s smart meter implementation plan (SMIP) which aims to transition 53 million traditional meters to smart versions before 2025.