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Smart Energy Finances: Macquarie Assets acquires National Gas and sells Open Grid Europe
Smart Energy Finances: Macquarie Assets acquires National Gas and sells Open Grid Europe
Yusuf Latief
Posted on: 3 February 2023
This week's financial looks at Macquarie Asset's stakes; 60% has been finalised in National Gas and 25% in Open Grid Europe has ben sold.
This week’s edition of Smart Energy Finances highlights Macquarie Asset Management's completed acquisition - alongside BCI - of 60% stake in National Gas transmission and metering. The announcement came a week after their sale of 25% stake in Open Power Grids Europe to Fluxys.
Also on the radar is sonnen, seen making moves into the Dutch market.
Macquarie acquires equity in National Gas
National Grid plc has completed the sale of 60% equity interest in its UK gas transmission and metering business (NGG) to UK asset and infrastructure manager Macquarie Asset Management and British Columbia Investment Management Corporation (BCI), a Canada-based institutional investor.
Initially announced in March 2021, National Grid states the sale is part of their pivot towards electricity, marking National Gas as owner of Britain’s gas network.
National Gas is comprised of two organisations – National Gas Transmission and National Gas Metering.
National Gas Transmission will own and operate the UK’s 7,600 km-long National Transmission System (NTS) and National Gas Metering will continue to provide maintenance and management services for over 7 million domestic, industrial and commercial gas meters.
Jon Butterworth will be staying on as CEO.
National Gas plans to invest in the UK’s energy security, by repurposing existing assets in collaboration with the UK Government and partners to deliver a hydrogen ‘backbone’ for Britain.
Have you read:
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Fluxys buys Macquarie Asset’s 24% stake in Open Grid Europe
A week before the completion of National Grid’s sale to Macquarie Asset Management, Belgium-based gas TSO Fluxys bought 25% stake in Open Grid Europe (OGE) – the largest TSO in Germany – from Macquarie.
According to Fluxys, their infrastructure and decarbonisation projects are complementary with OGEs, spelling a strategic alignment for the coming years between their subsidiaries in Belgium, Germany and Switzerland. This holds the prospect for Germany to create additional hydrogen import and CO2 export routes through Belgium.
Through the agreement, Fluxys is to acquire Macquarie European Infrastructure Fund 4's 23.6 % stake in OGE, alongside a 0.5 % stake owned by Halifax Regional Municipality Master Trust.
Terms of the transaction have not been disclosed and closing is expected by the end of March 2023 upon approval of relevant regulatory authorities and other customary closing conditions.
Energy Transitions Podcast: Why a gas price cap could worsen the energy crisis
sonnen enters Dutch market continuing European growth push
As Fluxys’ acquisition signals strategic shifts within the European market, sonnen seeks to expand its penetration, specifically with a push into the Dutch market.
Residential energy storage and management firm sonnen is bringing its smart energy storage and energy services to the Netherlands. The Dutch market entry follows their recent expansion in Belgium and Spain as part of the company’s push for continued growth in Europe.
The company, which provides smart energy storage solutions and virtual power plant services, has stated the Netherlands’ PV market is growing rapidly: in 2020 and 2021 alone, a total capacity of 6.3GW was installed.
Also of interest:
Energy Transitions Podcast: Reforming Europe’s energy market
Europe responds to subsidy race with Green Deal Industrial Plan
With its products, sonnen is now hoping to create optimal technical conditions for households with photovoltaic systems that want to make their energy supply independent and clean.
Various versions of the sonnenBatterie are already available in Europe in Germany, Austria and Switzerland, Italy, the UK, Sweden, Ireland, Spain and Belgium. Outside Europe they are available in Australia and in the US.
Currently, sonnen operates virtual power plants in Germany, Italy, Australia and the USA.
For the latest insights into the finance and investment scene within the energy transition, make sure to follow Smart Energy Finances Weekly.
I will also be walking the floors at GridTech Connect (6 February) and DISTRIBUTECH (on the 7th and 8th of February) in San Diego, California. Hope to see you there!
Cheers,
Yusuf Latief
Content Producer, Smart Energy International
