Antin Infrastructure Partners Acquires SNRG

Antin Infrastructure Partners, a private equity firm, has entered into an agreement to acquire a majority stake in SNRG, an owner-operator of fully integrated smart grid systems for residential and, industrial & commercial customers in the UK.

Financial details of the transaction were not disclosed.

The transaction is expected to close in April of 2022.

The acquisition is the first made by Antin as part of its NextGen strategy announced in 2021. SNRG provides an inventive solution to decarbonize buildings while delivering significant customer savings.

Building emissions contribute approximately 20% of total UK CO2 emissions due to a historic reliance on fossil fuels, including gas, to provide heat to buildings. For the UK to meet its Net Zero 2050 targets, it will need to reduce those emissions by 40% by 2030.

Founded in 2018, SNRG, backing from Centrica, an energy services and solutions provider, will retain a stake in the company.

Shane Hussain, SNRG CEO, stated: “As the all-electric, zero-carbon transition gathers pace in the domestic and non-domestic building sectors, customers seek next-generation infrastructure solutions. Antin’s investment in SNRG and Centrica’s continuing involvement will allow us to scale rapidly and meet the demand driven by policy and society. We look forward to delivering low and zero carbon buildings throughout the UK.”

Anand Jagannathan, Antin NextGen Senior Partner, commented: “With its first project implemented and a proven concept looking to be rolled out, we felt SNRG was the right company to launch our NextGen strategy with, as it focuses on value-added investing in sustainable, scalable, and connected assets. We are excited at the opportunity to support SNRG in achieving the next phase of its growth through the build-out of a significant, identified pipeline of projects procured through its relationships with major developers.”

White and Case and Gowling WLG acted as legal advisors to Antin. Osborne Clarke acted as legal advisor to SNRG, and Freeths acted as legal advisor to Centrica.

According to Mercom’s recently published Q1 2022 funding and M&A report for storage, Grid & Efficiency, in Q1 2022, there were three M&A transactions compared to two in Q4 2021 and six transactions in Q1 2021.