Macquarie Gets 170 Million-Pound Refinancing for Smart Meters

Macquarie Group Ltd. received 170 million pounds ($285 million) to refinance its portfolio of more than 2 million gas and electricity meters across the U.K.

Barclays Bank Plc, Bank of America Merrill Lynch and Lloyds Banking Group Plc provided the debt to Macquarie Energy Leasing, the parent group said today in an e-mailed statement. The unit has installed more than 6.8 million meters for energy suppliers, it said in the statement.

The U.K. is urging utilities to install more than 53 million power and gas meters by 2020 in a 12 billion pound program. Smart meters allow homes and businesses to monitor energy use, helping them to cut bills and lower emissions.

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