Iberdrola has agreed to sell 100% of its UK smart meter business, SP Smart Meter Assets Limited (SPSMAL), to Macquarie in a deal worth around £900 million.
SPSMAL manages 2.7 million meters across the UK. The transaction, subject to approval by the UK competition authority, is expected to complete in the autumn.
The move marks a major divestment in Iberdrola’s asset rotation strategy, outlined in its 2024–2026 Strategic Plan.
It’s the second largest in the group’s history, following the sale of its gas plants in Mexico last year. Iberdrola says offloading non-core assets is key to funding growth and accelerating the clean energy transition while staying financially robust.
Macquarie, already one of the UK’s largest independent meter providers, will add SPSMAL’s portfolio to its 10 million-strong fleet, which includes 7.5 million smart meters.
It has invested more than £1.5 billion into Britain’s smart meter rollout.
With 38 million smart meters installed in homes and small businesses by the end of 2024, Britain’s rollout is well underway.
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