Iberdrola has completed the sale of 100 percent of SP Smart Meter Assets Limited (SPSMAL), ScottishPower’s subsidiary that manages around 2.9 million smart meters in the United Kingdom, to Macquarie for approximately £900 million (€1.06 billion). The transaction aligns with Iberdrola’s strategy to focus its investments on regulated networks. Following this sale, the company plans total UK investments of £24 billion between 2024 and 2028, primarily targeting transmission and distribution networks, as well as renewable generation.
ScottishPower will continue collaborating with Macquarie to support the rollout of smart meters among its customers while dedicating its efforts to network development. Macquarie is one of the UK’s leading independent electricity meter providers, now managing over 13 million devices, including more than 10 million smart meters. Through ScottishPower, Iberdrola has had a presence in the UK for 20 years, investing over £35 billion in transmission and distribution networks and renewable generation.
Following the acquisition of Electricity North West (ENW), ScottishPower became the country’s second-largest distribution network operator, serving 12 million people with a total asset base of around £14 billion. The company holds three distribution licences in Scotland, England, and Wales, a transmission licence in Scotland, and operates 170,000 kilometres of lines. ScottishPower currently employs more than 8,000 people and supports 70,000 additional jobs across its supply chain through annual purchases of about £6 billion.
This transaction marks another step in Iberdrola’s ongoing Rotation Asset plan, under which the Group has already completed over €14 billion in asset rotations and strategic partnerships since 2024. The company continues to concentrate its investments in key businesses and markets, with a focus on regulated networks in the United States and the United Kingdom, as well as generation under long-term contracts or regulatory frameworks.
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