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

In particular, the Group’s 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, EAG is delighted to have completed a refinancing of its 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, the Group has also agreed the renewal of an existing capex facility which will underpin the continued growth of its Net Zero business.

Expediting the growth needed to support Britain’s energy transition  This new debt structure supports Networks and Net Zero to connect the energy networks and technologies that will move the needle towards a low carbon future. 

David Taylor, Chief Executive Officer, Energy Assets Group 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, Chief Financial Officer, Energy Assets Group 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, EAG has 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. 

The Group has been supported by its 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.