Private equity and venture capital investor EQT Group and Singapore’s sovereign wealth fund, GIC, announced today the acquisition of a majority stake in UK-based energy transition-focused infrastructure company Calisen from a consortium of investors including Goldman Sachs Alternatives, BlackRock-owned Global Infrastructure Partners (GIP), and Mubadala Investment Company.

According to a report by the Financial Times, the transaction values Calisen at over $5 billion (£4 billion). The group invested in Calisen in 2020 at a £1.4 billion valuation.

Founded in 2002, Manchester-based Calisen owns, installs and manages essential energy infrastructure assets, aimed at enabling cleaner and more sustainable energy. The company’s services include smart metering, data services, solar and battery, EV charging infrastructure, and heat pump installation.

Kunal Koya, Partner in EQT Active Core Infrastructure’s Advisory Team, said:

“Calisen is an exciting investment opportunity, combining significant downside protection and cash flow visibility with tangible upside potential. Its critical role in the UK’s energy transition aligns perfectly with EQT’s commitment to investing in essential infrastructure that contributes to a more sustainable future.”

The acquisition marks the latest in a series of large scale moves by private markets investors in the energy transition infrastructure space, including other UK-based announcements by Macquarie, KKR, and Brookfield.

According to EQT and GIC, the acquisition comes as Calisten, which has an installed base of approximately 16 million meters, is well positioned to capitalize on market trends, with a supportive regulatory framework and demand from energy suppliers and customers set to support a continued increase in the rollout of smart meters.

Sean Latus, CEO of Calisen, said:

“Calisen plays an active role in the decarbonisation of the UK economy, a position we intend to strengthen with the support of all of our shareholders. EQT and GIC’s experience in the energy sector will be invaluable as we look to leverage our scale and customer relationships to significantly expand our smart meter portfolio and replicate our success in adjacent areas.”