Iberdrola sells its smart meter business in the UK for £900 million.

Iberdrola has finalized the sale of its UK smart meter business to Macquarie Group for about £900 million. The deal includes 100% ownership of SP Smart Meter Assets Limited (SPSMAL), the subsidiary managing roughly 2.9 million smart meters nationwide. This transaction aligns with Iberdrola's strategy to focus investments on regulated networks, central to its growth plan. Between 2024 and 2028, the company plans to invest £24 billion in the UK, mainly targeting transmission, distribution networks, and renewable generation.

After the sale, ScottishPower will collaborate with Macquarie to aid the smart meter rollout for its customers while shifting its focus to enhancing energy networks. Macquarie is a leading independent electricity meter provider in the UK, now managing over 13 million devices, including more than 10 million smart meters. Iberdrola has been present in the UK market for 20 years through ScottishPower, investing over £35 billion in transmission, distribution infrastructure, and renewable energy. Earlier this year, ScottishPower acquired Electricity North West (ENW), becoming the second-largest distribution network operator.

The company serves 12 million people with a total asset base of around £14 billion. With this deal, Iberdrola has exceeded €14 billion in asset rotations and strategic partnerships since initiating its Asset Rotation plan in 2024, concentrating its investments in key markets, especially networks in the UK and the US.