Supporting the ‘Big Six’ energy providers

When faced with the need to undertake large scale metering programmes, energy suppliers have called upon Calvin Capital for assistance – we are a leading funder, owner and manager of gas and electricity meters across the country and our focus is in supporting the ‘Big Six’ energy suppliers. This support is set to continue and indeed increase as we win new funding contracts with energy suppliers working to roll out smart meters to all their customers.

Calvin’s typical funding model is based on the provision of limited-recourse finance. Under this arrangement, we purchase the meters and pay for their installation – a task which is undertaken by the agent of the supplier. We own the metering assets and they are used by the energy supplier.

To date, we have funded around 7 million meters on behalf of by UK energy suppliers, in return for an agreed daily usage charge covering their useful


lives. Should the customer churn (i.e. move to another supplier) then the charge is levied on the new supplier – we have invested heavily in developing the processes and systems needed to manage churn effectively. The revenue gained from the meter provision charges enables us to meet our operating and funding costs, whilst also providing the appropriate shareholder return to investors.

We are able to deliver an exceptionally high level of dedicated investment service and our equity provider (KKR) and debt providers (banks) are confident of our ability to manage our metering assets in such a way as to ensure their investment is fully recovered.



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