In 2023, Vector Limited completed the sale of a 50 per cent interest in Vector Metering to investment vehicles managed and advised by QIC Private Capital in a deal valued at A$2.3 billion. Vector Metering, now rebranded as Bluecurrent and jointly owned by Vector and QIC, is one of Australasia’s largest metering platforms and manages over 2.4 million meters across Australia and New Zealand. It also funds and installs smart meter assets under long-term service contracts and provides digital services to its customers. The joint venture transaction expanded QIC’s global investments in the energy transition to A$9.5 billion.
The Judging Panel recognised the long-term joint venture as one of the first transactions of its kind for investors seeking to support the energy transition. In recognising it as an industry first, the Panel also noted that in particular, the A$1.6 billion Climate Bonds Certified green loan secured during the transaction was the first Use of Proceeds instrument to be issued under the new Climate Bonds Standard 4.0 – as well as the largest Climate Bonds Certified green loan under Climate Bonds’ Electrical Grids and Storage eligibility criteria.