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Seven million smart meters to be installed in UK under EIB-backed scheme

A new £1bn scheme backed by the European Investment Bank will see over seven million smart meters installed in homes across Britain. The programme, one of the biggest smart meter deployments to be launched in Europe, aims to promote the mass roll-out of the energy saving devices. It is the largest project yet to be backed by the European Fund for Strategic Investments, part of the EU's Investment Plan for Europe. It is also supported by commercial banks including Barclays, HSBC, Crédit Agricole CIB and Santander, as well as a £360m payment from the EIB. Jyrki Katainen, vice-president of the European Commission, said: 'With COP 21 taking place right now, it is very positive that over half of the EFSI projects to be approved by the EIB so far are in energy efficiency and renewable energy.' The roll-out will be managed by funder and manager of gas and electricity meters Calvin Capital, with individual meters then used by customers of energy suppliers.

 

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