A&O Shearman advises BayernLB on smart metering financing for Calisen

The financing sets new standards as a market first in the field of smart metering in Germany. Smart meters drive efficiency and transparency in the power grid and are therefore a key element in the digitalization of German infrastructure.

With the financing successfully structured and underwritten by BayernLB, Calisen is now in a position to invest up to EUR 100 million in smart metering systems across Germany, making a significant contribution to the success of the energy transition in Germany. As part of this initiative, Calisen works with metering point operators (MPOs) in its capacity as a meter asset provider (MAP) – a cooperation model intended to serve as a blueprint for the future development of the German market as well as other European markets.

Calisen Group Holdings Limited is a UK company that specializes in the installation and management of smart energy infrastructure. The company has been operating in the modernization of metering systems for over a decade, originating in Manchester and Wigan in the UK. Calisen has grown substantially in this time and is now the leading owner and operator of essential energy infrastructure assets, with around 15m meters, including around 40% of all smart meters in UK homes. Calisen’s purpose is to contribute to the transition of the country’s energy and water systems from analogue to intelligent technology, making them more efficient, more resilient and giving people the power to connect to market innovations like flexible tariffs and home generation like solar.

The Group employs approximately 1,500 people from its offices in Manchester, Market Harborough, London, Wigan and Portsmouth. Calisen also announced the launch of its first international business in Germany on 11th November 2025, with a €100m investment in German smart meters in partnership with Octopus Group’s Energy Metering Germany. The business is led by newly appointed Claus Fest as managing director.

The A&O Shearman team was led by partner Wolfgang Melzer and senior associate Tom Haeseler (both Debt Finance) and was supported by partners Dr Udo Olgemöller (Public Law) and Dr Heike Weber (Tax, all Frankfurt) as well as associates Daniel Wolf (Debt Finance, Munich), Jonathan Berz (M&A), Sarah Weber (Public Law) and Niklas Kniess (Tax, all Frankfurt).