EAS.L Regulatory News (EAS)

Energy Assets Group plc

("Energy Assets" or the "Group")

New Funding Facility

Energy Assets Group plc (LSE: EAS.L), the largest independent provider of industrial and commercial (I&C) gas metering services in the UK[1] and a major provider of utility infrastructure services and electricity metering and data services, is pleased to announce a £10m increase to its current facility with Lombard, the asset finance division of The Royal Bank of Scotland Group, taking total facilities from the Group's three main funding partners to £110m.

This expansion of the Group's relationship with Lombard increases the facility to £70m, on the same terms as previously agreed.  Additionally, an extension has been agreed on the Group's £35m Bank of Scotland facility which will now be available for a further two years. The existing £5m facility with Santander remains unchanged.

With these new arrangements in place, the Group now has £33.9m of undrawn facilities to fund future growth.

John McMorrow, Chief Financial Officer of Energy Assets, said:

"I am delighted to announce the recent extension of the Group's funding facilities with two of our main funding partners, Lombard and Bank of Scotland, which further strengthens our ability to achieve our strategy of growing the Energy Assets I&C meter portfolio.

We continue to enjoy good relationships with all of our banking partners, who have expressed a keen interest to continue working with the Group. We are confident that these relationships will provide sufficient funding to facilitate our future growth plans as we work towards being the supplier of choice for customers within the UK I&C sector and the largest independent provider of I&C energy metering services in the UK."

Ian Isaac, Head of Lombard, commented:

"Energy Assets Group plc is an important and valued Lombard customer and we are delighted to be able to help them with their plans to expand their services across the UK."

Laurence Jamieson, Mid Markets relationship director at Bank of Scotland, commented:

"Energy Assets continues to set the bar for progress in the sector both through organic growth and acquisition, recently reporting a group operating profit increase of 25% for the first half of its financial year to September 2015. 

By extending our finance terms with the business we are reaffirming our commitment to Energy Assets and further cement our support for this exciting industry. We look forward to continuing to work with John McMorrow and the wider management team to achieve their long-term ambitions for the business."

Enquiries

For further information visit www.energyassets.co.uk or contact:

Notes to Editors:

Energy Assets provides metering and related services in the I&C segment of the UK utility market and is the largest independent provider of I&C gas metering services in the UK, by number of assets owned and managed. 

The Group offers utility suppliers and end-user consumers of energy a broad spectrum of expert metering services from the provision and management of new and replacement meters through its Meter Asset Management division to the procurement and project management of related utility infrastructure works, including fully managed gas installations and live connections, gas pipework modifications and in-depth gas maintenance projects, through its Siteworks division. The Group also collects and provides energy consumption data through its Data Services division.

Energy Assets (EAS) is listed on the Main Market of the London Stock Exchange.