Smart Metering Systems secured a new £280 million ($340 million) facility to fund growth and provide financial flexibility.

The Glasgow-based utility and energy infrastructure company closed the facility with a syndicate of banks comprised of Barclays Bank, Santander UK, HSBC UK, Clydesdale Bank and Bank of Scotland.

The facility replaces Smart Metering’s existing £150 million ($183 million) facility. Details of the transaction were not released.