Foresight invests £7.5m in Utility Funding
Foresight Group has backed Utility Funding Ltd (UFL) with £7.5m to roll out smart metres across the UK.
Foresight will invest the £7.5m over the next three years in order to back UFL's installation programme of smart metres across UK households, a strategy driven by new government legislation.
The UK government has made it compulsory for energy consumers to have a smart or advanced metre by the end of 2019. The investment was made through Foresight ITS, the investor's inheritance tax solution.
Company
Utility Funding was established in Salisbury in 2009 to rent advanced electricity and gas metres to energy suppliers catering to industrial and commercial consumers.
The company is OFGEM-accredited and will play a part in supporting energy suppliers in meeting their obligations to undertake the mass smart-metre rollout for domestic consumers, which is due to commence in 2014.
People
Andrew Shannon is an investment manager of Foresight.
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