Avantha Group company CG today said it has secured an order worth Rs 244 crore from a Spanish multinational electric utility firm to supply over one million ZIV single smart meters.
The order from Spanish firm Iberdrola comprises single and three-phase meters which will have to be shipped within a year, a CG release said here.
"This order reinstates our long-term commitment to provide smart grid solutions to the European distribution grid to monitor and manage their own networks," CG Chief Executive and Managing Director Laurent Demortier said.
Europe's installation base for smart meters is expected to rise sharply and hit 180 million by 2020 just as the Asian market will gain significant traction during the period, he said.
Similarly, large-scale deployments in the UK, Germany and France will bring in the momentum by late 2015, he said.
"A significant advantage for CG in the Spanish market has been the regulatory framework in the country which makes it mandatory that 70 per cent of the analog meters are replaced by 2016 and 100 per cent by 2018," Demortier said.
The company will remain focused on supporting its customers to build a modern, efficient grid and improve their overall end-user experience by providing a full suite of smart grid products and services, the CEO added.
