Macquarie sells I&C smart meter portfolio

Macquarie has sold its more than 600,000-strong industrial and commercial smart meter portfolio Cortex Metering Solutions for an undisclosed sum.

The group says Macquarie Specialised and Asset Finance has successfully divested Cortex, which rents out the devices to more than 80 energy suppliers, to multi-utility metering and data services business Energy Assets Group.

Macquarie established its metering business in 2003 and is one of Britain’s largest meter asset providers, with a portfolio of more than 11 million meters.

It entered I and C metering in 2006 and has since deployed more than 600,000 meters into this market. It has 5.4 million smart meters in the residential sector where the company says it will now focus.

Neil Denley, a managing director for Macquarie Specialised and Asset Finance in Europe, the Middle East and Africa, said: “The sale of part of our I and C portfolio will allow us to focus on our residential metering business – where we have an important role to play in helping meet our customers’ ambitious smart meter rollout targets.

“After a competitive process, we have chosen Energy Assets as a highly credible new owner, with longstanding experience and an impressive track record, who we believe can continue to deliver successfully for our commercial metering clients.”

Colin Lynch, Energy Assets chief executive, said: “We are delighted to have this opportunity to extend our reach in I and C metering.

“This acquisition diversifies our metering portfolio, complements our offering, and aligns with our strategy to be a leader in technologies and services that support energy efficiency and environmental sustainability in the I and C market segment.

“We very much look forward to working closely with our customers on this exciting phase for the group.”