The Clean Energy Finance Corporation (CEFC) has invested in smart meter technology.
The CEFC has committed $35 million of debt finance towards the expansion of intelliHUB – a joint venture between Pacific Equity Partners and global smart meter leader Landis+Gyr that is acquiring Acumen, Origin Energy’s $267 million smart meter business unit.
The new intelliHUB joint venture will be a leading Australian provider of smart meter solutions, servicing Australian energy retailers and consumers.
The Acumen business included the existing management and servicing of an already deployed 170,000 meters and the combined business has future, long-term contracts with Origin Energy and other retailers, that will see it rollout and manage more than 1 million smart meters across Australia and New Zealand.
“Smart meters give energy consumers better control over their energy consumption, which is essential for lowering carbon emissions,” CEFC CEO Ian Learmonth said.
“They also give consumers the ability to better understand where and how they can benefit from behind-the-meter solar PV and energy storage solutions.
“We see smart metering as an essential part of an integrated clean energy future and we’re very excited to be part of this market evolution.”
The CEFC investment is part of a debt finance package to support both the Acumen acquisition and intelliHUB’s growth plans for the business.
Taking effect in December last year, the AEMC’s Power of Choice reforms requires all new and replacement electricity meters to use smart technology.
intelliHUB CEO Adrian Clark said the CEFC is one of a number of high profile investors to sign up to back intelliHUB’s planned metering deployments.
“I am delighted the CEFC is supporting intelliHUB through our financing structure and I am confident that together we can deliver technology and innovation in smart metering and drive connectivity and competition,” he said.
The CEFC investment is the latest in the grid and storage technology space following equity investments in Greensync, Redback, Relectrify and Thinxtra.
The CEFC has also provided finance to Lincoln Gap Wind Farm in SA, DeGrussa Mine in WA and Kennedy Energy Park in Queensland, which all have a battery storage component.
CEFC Grid Solutions and Storage lead Simon Brooker said there are nine million metering points in the NEM.
“By accelerating their conversion to smarter technologies, customers will benefit from more meaningful information relating to their energy consumption,” Mr Brooker said.
“These customers will be better informed when considering investment in solar and storage solutions by matching system specifications to actual consumption patterns.”