DC Advisory advised MapleCo and its shareholders on the financing of a large portfolio of UK-based smart meters

Background:

• MapleCo is backed by Ontario Municipal Employees Retirement System (OMERS), Ontario Teachers' Pension Plan (OTPP) and SSE plc (SSE) (together, the Shareholders)
• MapleCo acts as a Meter Asset Provider (MAP) by funding the purchase and installation of smart gas and electricity meters
• MapleCo has quickly established itself as a strong developmental platform and a key contributor to the UK Government’s 2024 target of c.53m smart meter installations
• MapleCo has reached an agreement to fund the purchase and installation of a large portfolio of smart meters which will be deployed from early Q2 2020 onwards to customers of a ‘Big Five’ energy supplier
• SGN Smart provides management services and resources to MapleCo
• DC Advisory (DC) has a strong relationship with MapleCo and its shareholders, having previously advised on:
  • Securing financing for Tranche 1 in 2017; and
  • The amendment and restatement of Tranche 1’s debt facilities in 2019.

Process:

• DC was mandated to provide debt advisory services to MapleCo and its Shareholders
• DC’s work throughout the transaction included:
  • Extensive financial modelling;
  • Due diligence;
  • Debt advice; and
  • Process management between a club of lenders.
• DC also ran a very focused debt funding project finance process to ensure the best possible terms were obtained

Outcome:

• DC delivered a highly attractive and flexible debt package which was a fundamental element to the success of the overall transaction