French private equity firm Antin Infrastructure Partners has bought a majority stake in SNRG, an owner-operator of integrated smart grid systems for residential, industrial and commercial users.

SNRG is a developer, installer and operator of smart grid networks in the UK. The company was formed in 2018 with backing from Centrica with a mission to provide decarbonisation for homes as well as industrial and commercial users. It delivers savings to users on their energy bills in addition to decarbonising their energy consumption.

SNRG has an initial live project in Corby, UK, which has been demonstrating the business model of delivering savings to residents while providing low-carbon energy.

The acquisition is the first by Antin as part of a strategy announced last year.

Building emissions contribute around a fifth 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.

SNRG offers a one-stop-shop for smart grid technology comprising grid connections, distribution networks, solar PV panels, batteries, heat pumps and community EV charging. This integrated approach – design, fund, build and operate – combined with SNRG’s optimisation technology can increase upfront and ongoing cost savings and carbon emissions reduction.

Energy services provider Centrica will retain a stake in the company. SNRG has a management team that has experience in scaling up businesses within the energy and technology space. SNRG has established relationships within the developer community as well as expertise in delivering software and infrastructure technology.

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

Anand Jagannathan, a senior partner at Antin, added: “With its first project implemented and a proven concept looking to be rolled out, we felt SNRG was the right company to launch our next-gen 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.”

Financial details of the transaction were not disclosed.

Antin Infrastructure Partners is a private equity firm focused on infrastructure. With over €22.7bn in assets under management across its flagship, mid cap and next-gen investment strategies, Antin targets investments in the energy and environment, telecoms, transport, and social infrastructure sectors. With offices in Paris, London, New York, Singapore and Luxembourg, Antin has more than 165 employees.