EDF International Networks, an arm of the Paris-based energy giant EDF Group, and Capgemini announced they have signed an agreement to jointly offer services around smart meters and smart grids projects around the world.

The companies said in a joint statement the Memorandum of Understanding (MoU) aims at building common offerings and position themselves on smart metering projects and smart grids initiatives.

"The complementary nature of the expertise of two French industry leaders, their resources and their geographical locations, gives us the opportunity to build a unique offering on the market and to contribute to the energy transition," said Marie-Line Bassette, Chief Executive Officer of EDF International Networks that focusses on the transmission and distribution space.

Smart metering and smart grids projects are gaining momentum globally because they aid in the control of consumption and development of renewable energies helping in the global energy transition.

The deployment of smart metering in Europe increased from a 24 per cent penetration rate to around 50 per cent, compared to 65 per cent in North America, between 2014 and 2019. This rate is expected to exceed 70 per cent in both the regions by 2024.

At the same time, projects are multiplying in Asia and India is entering the race aiming to deploy more than 250 million smart meters in the coming years. EDF International Networks has installed around 100,000 smart meters in India so far and aims to reach five million meters.