GIC and Swedish firm partner to acquire majority stake in British energy company

SINGAPORE: Singapore’s sovereign wealth fund GIC and Swedish investment firm EQT have announced an agreement to jointly acquire a majority stake in British energy company Calisen. The deal involves purchasing stakes from BlackRock, Goldman Sachs Alternatives, and Mubadala Investment Company, with UK-based Equitix joining as a minority investor.

Calisen is the UK’s leading provider of smart metering and energy transition services, including electric vehicle charging, solar and battery installations, heat pump deployment, meter reading, and maintenance. Operating under long-term contracts, the company plays a pivotal role in the UK’s efforts to modernize its energy infrastructure and meet climate targets.

Under the new partnership, GIC and EQT will support the continued rollout of Calisen’s energy-transition assets. This includes the installation of smart meters, renewable energy systems, and heat pumps across the UK and potentially expanding its reach internationally. The partners also aim to explore adjacent markets, such as smart water metering, to broaden the scope of Calisen’s services.

“Smart meters have a crucial role to play in the energy transition. Whilst they are installed at the consumer’s home, they create value across the supply chain. Consumers can track their consumption and potentially lower their bills through access to different tariffs, while suppliers and grid operators can save costs,” said George Kay, Head of Infrastructure at GIC Europe.

This acquisition reflects a broader trend of global investors backing businesses that are critical to the energy transition. GIC and EQT’s involvement is expected to enhance Calisen’s ability to meet the growing demand for sustainable energy solutions while expanding its portfolio and operational footprint.