Calvin Capital Limited (Calvin), a leading funder, owner and manager of gas and electricity meters, has announced that it has raised approximately £1bn to support the expansion of more than 7million smart meters in homes across Great Britain.

The roll-out programme is being supported by Calvin’s shareholder, Infracapital, and backed by the European Investment Bank (EIB) alongside six commercial banks (Barclays, Crédit Agricole CIB, HSBC, Santander, Sumitomo Mitsui Banking Corporation and The Bank of Tokyo-Mitsubishi UFJ Ltd). The EIB will provide £360 million to this initiative that will significantly increase the roll-out of smart meters to reduce energy use and help households save money.

This is the largest project so far to be backed by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe and the second in the UK.  EFSI was established earlier this year by the European Investment Bank and the European Commission and will enable increased lending and attract private capital for crucial projects by the European Investment Bank in strategic sectors such as renewable energy, digital infrastructure, transport and R&D; as well as financing for SMEs.

Linklaters partner Bruce White led the team advising EIB on this deal. The team also included managing associate Louise Stevenson and associate Peter Greenall.