Spanish utility Iberdrola has completed the sale of SP Smart Meter Assets, which manages Scottish Power’s smart meter business, to Macquarie for £900m.

Macquarie Group says it will continue to offer smart meter services to Scottish Power.

The transaction aligns with Iberdrola’s strategy to concentrate its investments in regulated networks. This will drive total UK investments to £24bn between 2024 and 2028, primarily in transmission and distribution networks, as well as in renewable generation.

Scottish Power will continue working with Macquarie (www.macquarie.com) to support the rollout of smart meters among its customers while focusing on network development. Macquarie is one of the UK’s leading independent providers of electricity meters, now managing over 13 million devices, of which over ten million are smart meters.

“Smart meters continue to play an important role in supporting the energy transition by unlocking new approaches to managing demand,” said Julian Liddy, a senior managing director at Macquarie. “We are pleased to complete this transaction, marking the next phase in the development of our meters business, which has played a leading role in supporting the UK’s Smart Metering Implementation Programme.”

Neil Denley, managing director of Macquarie’s specialised asset finance division, added: “Since establishing this business in 2003, we’ve been active in supporting the rollout of meters across the UK. We’ve funded the procurement and installation of more than 7.5 million smart meters at businesses and homes up and down the country, helping to contribute to a substantial upgrade of the nation’s energy infrastructure.”

Through Scottish Power, Iberdrola has been present in the UK for 20 years, having invested more than £35bn in transmission and distribution networks and renewable generation. After the acquisition of Electricity North West (ENW), Scottish Power became the country’s second largest distribution network operator, delivering electricity to 12 million people with a total asset base of around £14bn. The company holds three distribution licences in Scotland, England and Wales and a transmission licence in Scotland, and operates 170,000km of lines. Currently, Scottish Power (www.scottishpower.co.uk) employs more than 8000 people and supports 70,000 jobs across its supply chain thanks to annual purchases of around £6bn.

With this transaction, Iberdrola (www.iberdrola.com) has already surpassed €14bn in asset rotation and partnerships since the beginning of the current Rotation Asset plan in 2024. The group continues concentrating investments in key businesses and markets, primarily networks in the USA and UK, as well as in generation under long-term contracts or regulated.