Igneo acquires OnStream, one of the UK’s largest smart meter asset providers
All Press releasesLondon, 24 March 2026: Igneo Infrastructure Partners (Igneo), a global infrastructure investment manager which manages £17.5 billion worth of assets,* has today announced that its third European Infrastructure strategy alongside its Global Infrastructure strategy, has entered into a binding agreement to acquire OnStream from Macquarie Specialised and Asset Finance, part of Macquarie Group’s Commodities and Global Markets business.
OnStream is the second-largest smart meter asset provider in the UK, with an installed portfolio of approximately seven million smart meters and a contracted pipeline of a further three million meters. Alongside its core UK market, OnStream also operates around 60,000 meters in Germany and has strong expansion plans supported by both existing and new customer contracts. Smart meters are a critical part of the energy system and OnStream plays a pivotal role in supporting the shift to a net zero future by providing essential energy infrastructure.
The acquisition will be financed through a combination of commitments from the European and Global strategies as well as acquisition debt facilities. OnStream will become the eleventh portfolio company of the European strategy and the sixteenth portfolio company of the Global strategy.
Niall Mills, Managing Partner and Global Head of Igneo said:
“The acquisition of OnStream advances our strategy to invest in high-quality, resilient, and critical infrastructure assets with compelling growth opportunities. Smart metering is a key enabler of the UK’s energy transition, empowering utilities and consumers with real-time data that improves efficiency, reliability, and sustainability.”
“The acquisition of OnStream offers our investors access to a well-established platform with strong operational capabilities and we look forward to partnering with the team at Onstream.”
About Igneo Infrastructure Partners
Igneo is an autonomous investment team in the First Sentier Group. It invests in high-quality, mature, mid-market infrastructure companies in renewables, digital infrastructure, waste management, water utilities and transportation / logistics sectors in the UK, Europe, North America, Australia and New Zealand. Operating since 1994, the team works closely with portfolio companies to create long-term sustainable value through innovation, a focus on ESG and proactive asset management.
Igneo manages US$23.6bn worth of assets (as at 31 December 2025) on behalf of more than 200 investors around the world.
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In Hong Kong, this press release is issued by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong. In Singapore, this press release is issued by First Sentier Investors (Singapore) whose company registration number is 196900420D. This press release has not been reviewed by the Monetary Authority of Singapore.
First Sentier Investors, FSSA Investment Managers, Stewart Investors, Realindex Investments and Igneo Infrastructure Partners are the business names of First Sentier Investors (Hong Kong) Limited. First Sentier Investors (registration number 53236800B), FSSA Investment Managers (registration number 53314080C), Stewart Investors (registration number 53310114W), Realindex Investments (registration number 53472532E) and Igneo Infrastructure Partners (registration number 53447928J) are the business divisions of First Sentier Investors (Singapore).
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