Iberdrola has completed the sale of its UK smart meter business to Macquarie Group in a transaction valued at approximately £900 million.
The deal covers 100% of SP Smart Meter Assets Limited (SPSMAL), the ScottishPower subsidiary responsible for managing around 2.9 million smart meters across the country.
The transaction is part of Iberdrola’s strategy to concentrate investments in regulated networks, which remain at the core of its growth plan.
Between 2024 and 2028, the company intends to invest £24 billion in the UK, focusing primarily on transmission and distribution networks as well as renewable generation.
Following the sale, ScottishPower will continue to work with Macquarie to support the smart meter rollout for its customers, while refocusing efforts on strengthening its energy networks.
Macquarie is one of the UK’s leading independent electricity meter providers and now manages more than 13 million devices, of which over 10 million are smart meters.
Iberdrola has been active in the UK market for two decades through ScottishPower, during which time it has invested more than £35 billion in both transmission and distribution infrastructure and renewable energy.
Earlier this year, ScottishPower acquired Electricity North West (ENW), making it the second largest distribution network operator.
The company delivers electricity to 12 million people, with a total asset base of around £14 billion.
With this deal, Iberdrola has now surpassed €14 billion in asset rotations and strategic partnerships since launching its Asset Rotation plan in 2024.
The group continues to focus its investments in priority markets, particularly networks in the UK and United States.
Iberdrola sells UK smart meter business in £900m deal appeared first on Energy Live News.