QIC adds Metering to its $15 billion green goal
QIC’s investments in energy transition have reached $5 billion after it closed a joint venture deal with Vector Metering, which operates in New Zealand and Australia.
QIC has closed a deal to buy a stake in a metering company (Pic: Vector Metering)
QIC, which is a State Government-owned corporation, bought a 50 per cent stake in the company which will now sit within a new fund that would be managed by QIC Infrastructure.
It would the fund’s first asset but QIC said its other infrastructure investments had grown to $5 billion.
The corporation’s energy assets also aim to invest $15 billion in the transition over the next five years.
Vector owns or manages 2.3 million meters across the electricity and gas markets in Australia and New Zealand.
QIC head of infrastructure Ross Israel said the deal was a demonstration of its commitment to a “sector-centric and thematic-based investment strategy” which was focused on the energy transition.
He said smart meters had a critical role to play in decarbonisation.
“Their role is rapidly evolving from data processing for timely billing purposes. They are an enabler for electricity networks to manage an ever-increasing volume and volatility of electricity supply due to the broader energy transition and increasing penetration of renewable generation,” Israel said.
The acquisition of Vector remains subject to regulatory approvals.
