Energy Assets Group has completed a £690m refinancing of its existing debt to help it expand across core markets and reach net zero.
The Livingston-headquartered utility metering, data analytics and network construction and operation company employs almost 800 people across sites in Stirling, Darwen, Leeds, Blidworth, Northampton, Sheffield and Cardiff.
The transaction includes a £185m of capital expenditure facilities. It was supported by shareholders Asterion Industrial Partners, EDF Invest and Swiss Life Asset Management AG throughout the process.
The refinancing package was arranged and underwritten by a consortium of four European Banks: Banco Santander, Intesa Sanpaolo, Lloyds and NatWest Markets.
Colin Lynch, chief executive at Energy Assets Group, said: “This finance package will create a springboard for future growth, as we ramp up our service proposition in step with the decarbonisation of the economy.”
Luca Sutera, chief financial officer at Energy Assets Group, added: “The successful completion of the refinancing underlines the success to date of the group’s business strategy, the confidence of the financial community on our credit profile and the support of our shareholders in our plans for the future.
“The new financing platform 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.”
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