Macquarie strikes £900 million deal for Iberdrola's meter assets
Macquarie Group has announced plans to acquire SP Smart Meters Asset Limited (SPSMAL), the UK smart meters division of Spanish energy giant Iberdrola, for approximately £900 million ($1.15 billion).
The Australian financial services firm will take ownership of Iberdrola's portfolio of 2.7 million smart meters across Britain, significantly expanding Macquarie's existing operations in the sector. Following completion, Macquarie will manage over 13 million meters nationwide, cementing its position as one of Britain's largest independent meter asset providers.
As part of the deal, Macquarie's Specialised and Asset Finance division will enter a long-term rental agreement with Scottish Power, Iberdrola's UK subsidiary, to provide ongoing smart meter services and support further deployment across the country.
Julian Liddy, Senior Managing Director of Macquarie Specialised and Asset Finance, expressed enthusiasm about the acquisition. "Having played an active role in the roll out of more than 7.5 million smart meters to British households and businesses."
Liddy highlighted the consumer benefits of the deal, adding that it would "bring benefits to British electricity and gas consumers." Liddy also praised the current operation, noting: "We are pleased to be taking ownership of a business with a track record of strong performance under the management of Scottish Power and look forward to supporting its further growth."
Smart meters have been a cornerstone of Britain's energy infrastructure modernisation, providing consumers with real-time usage data to better manage consumption and reduce bills. Industry figures show that 38 million smart meters had been installed in British homes and businesses by the end of 2024.
The transaction remains subject to regulatory approval and is expected to be finalised in the third quarter of 2025. This acquisition continues Macquarie's significant investment in British infrastructure, with the firm having already provided over £1.5 billion ($1.92 billion) in funding to support the nationwide smart meter programme since 2003.
