More than 7mn smart meters will be installed across Great Britain under a £1bn mass roll-out programme backed by the European Investment Bank (EIB) and six commercial banks.
The government said it wants all GB microbusinesses and homes to have a smart meter installed by 2020.
The EIB will provide £360mn to the initiative, which will be managed by Calvin Capital. It is the largest project so far to be supported by the European Fund for Strategic Investments (ESFI), which was established earlier this year by the EIB and the European Commission. Speaking on 3 December EIB vice president Jonathan Taylor said: “Smart meters make it easier for households and businesses to save energy and this huge roll-out will help to significantly cut carbon emissions.”