Ontario Teachers’ Pension Plan and Borealis Infrastructure have partnered in the launch of two new British smart energy companies. They are MapleCo, a meter asset provider that will support the roll out of a national smart meter program, and SGN Smart, an affiliate of SGN Ltd, which will provide services and resources to MapleCo. No financial terms were disclosed for the deal, which is being done in collaboration with SSE plc. SGN, a British gas distribution network company, is backed by Borealis, the infrastructure investment arm of the Ontario Municipal Employees Retirement System (OMERS).
Smart meter partnership launch
March 24, 2017
We are pleased to announce the launch of two new companies; MapleCo, an independent Meter Asset Provider (‘MAP’) supporting the GB energy market, and SGN Smart, a subsidiary of SGN Ltd (‘SGN’).
· MapleCo will contribute to GB’s smart meter roll out programme as a meter asset provider, which will fund the purchase and installation of smart gas and electricity meters.
· MapleCo is backed by Borealis Infrastructure, the infrastructure investment manager of OMERS (‘Borealis’), Ontario Teachers’ Pension Plan (‘Ontario Teachers”) and SSE plc (‘SSE’).
SGN Smart will provide management services and resources to MapleCo for implementation and its on-going operation.
Making a successful start, MapleCo has reached an agreement to fund the purchase and installation of 2.7 million SSE smart meters which will be deployed from March 2017 onwards.
MapleCo looks forward to its partnership with SGN Smart, which builds on SGN’s strong track record of operational expertise. This first tranche of 2.7 million smart meters is a strong foundation to grow the MapleCo platform, in anticipation of working with multiple energy suppliers across Great Britain in the future.
Derrick Allan, Director, SGN Smart commented: “We’re very much looking forward to working with our partners to support the government’s smart meter roll out plan which will bring many benefits to GB energy customers. Going forward, we’ll be looking to attract additional meter portfolios with other energy suppliers as the market develops.”
Smart meters are part of the UK Government’s plan to update and modernise our energy system. This new generation of smart gas and electric meters will give customers greater control of their energy consumption by providing accurate and near real-time information on energy use and costs. This should help householders to lower their energy bills by becoming more energy efficient and contribute to greater security and affordability of GB energy supplies.
Source: Ontario Teachers’ Pension Plan
Photo courtesy of SGN Ltd