EIB to lend £190m for UK smart meter roll out

The European Investment Bank (EIB) announced on Wednesday that it will lend £190 million to support the deployment of smart meter technologies across the UK.

The loan has been agreed with communications infrastructure specialist Arqiva and is part of a wide-ranging programme that will see the EIB finance the smart meter rollout, the expansion of digital radio networks and further Wi-Fi connectivity among other projects.

Jonathan Taylor, Vice-President responsible for Environment and Climate Action at EIB, outlined how the investment will support the bank's target of supporting and emissions reduction and communications technologies.

Taylor said: "Continued investment in innovative communications technology is essential to improving connectivity, digital literacy, and consumer choice. The European Investment Bank recognises the diverse benefits of investment by Arqiva in the latest transmission equipment that will help reduce energy bills through national use of smart meters and enable dedicated communications for specialist users. This investment builds on the European Investment Bank's past engagement to support telecommunications across Europe."

The EIB also announced on Tuesday that it will lend €71 million to the Polish energy company TAURON Polska Energia SA that will go towards renewable energy and energy efficiency projects due for completion in 2016.

Under the terms of the deal, SMS will replace British Gas' existing diaphragm and pulse output gas meters with its Elster meters, which include an integrated data communications system, and install its ADM meter technology for customers with existing and exchanged rotary and turbine gas meters.

Phil Moses, CFO of Arqiva said: “Arqiva is central to the way people and businesses use technology every day. Reliability and security of our infrastructure is core to our ability to meet the increasing demands for this digital connectivity. The investment by the European Investment Bank affords us this long-term commitment to connectivity for everyone.”

Over the last five years the EIB has provided more than €2 billion in long-term loans to support investment in improved communications infrastructure across Europe. This included communications related investment covering wireless broadband, fixed and mobile telecommunications, research and development and information technology.