25 April 202425 April 2024

Refinancing success

In October 2021, we completed a major refinancing and corporate reorganisation which leveraged upon the overall strength of our Group within the areas of energy metering services, new energy connections and energy networks construction and ownership.

Since 2021, the trend of excellent financial performance with year-on-year growth and significant increases in the owned and managed asset portfolios has continued Group wide.

In particular, our regulated energy networks division, Energy Assets Networks (Networks), has demonstrated material growth with a portfolio now in excess of 100,000 energised connections, a similarly sized connections orderbook which will deliver continued portfolio growth and excellent financial performance.

Against this backdrop, we’re delighted to have completed a refinancing of our Networks business, consisting of regulated electricity and gas network connections. The £160m refinancing includes a £90m capex facility to support the continued growth of Networks and to facilitate delivery of the significant orderbook. As part of the refinancing, we’ve also agreed the renewal of an existing capex facility which will underpin the continued growth of our Net Zero business.

Expediting the growth needed to support Britain’s energy transition

This new debt structure supports our Networks and Net Zero business units to connect the energy networks and technologies that will move the needle towards a low carbon future.

David Taylor, our Chief Executive Officer said: “This finance package allows us to ramp up our service proposition in step with the decarbonisation of the economy.

We see significant opportunities to support Britain’s energy transition – whether that’s building low carbon heat networks, or introducing innovations in local energy network design to meet future demand for electrification. It strengthens our position in markets linked to Britain’s roadmap to Net Zero and provides the foundations for a sustained period of accelerated and targeted growth.”

Steven Miller, our Chief Financial Officer said: “The successful completion of the refinancing, led by Maxime Nekoian (Head of Corporate Finance), underlines the strength of our business plan, confidence of the financial community in EAG and support from our shareholders. Our new debt facilities allow us to continue the impressive upwards trajectory of Networks and also contribute to Britain’s energy transition through both our Networks and Net Zero businesses.”

Over nearly two decades, we’ve grown from an owner and operator of gas meter assets, into one of the most dynamic multi-utilities infrastructure businesses in Britain. This is thanks to the strategy of organic growth, smart acquisition, diversification and market innovation.

We’ve been supported by our shareholders: Asterion Industrial Partners, EDF Invest and Swiss Life Asset Management AG throughout the refinancing and the facilities were arranged and fully underwritten by a consortium of two leading European Banks: Lloyds Bank and SEB.

Learn more about Energy Assets Networks

Learn more about Energy Assets Net Zero