Iberdrola sells 2.9 million smart meter portfolio to Macquarie in £900 million deal while expanding UK network investments

Iberdrola has completed the sale to Macquarie of 100% of SP Smart Meter Assets Limited

(IN BRIEF) Iberdrola has sold ScottishPower’s smart metering subsidiary, SP Smart Meter Assets Limited, to Macquarie Group in a £900 million deal covering 2.9 million devices. The move supports Iberdrola’s strategy to concentrate investment in regulated networks and renewable generation, with £24 billion planned for the UK between 2024 and 2028. ScottishPower will continue collaborating with Macquarie to deploy smart meters, while Macquarie expands its portfolio to over 13 million meters nationwide. Over the past 20 years, Iberdrola has invested more than £35 billion in the UK, recently acquiring Electricity North West to become the country’s second-largest distribution operator. The transaction contributes to Iberdrola’s Asset Rotation Plan, which has already delivered more than €14 billion in disposals and partnerships since 2024, reinforcing its commitment to long-term regulated growth.

(PRESS RELEASE) BILBAO, 10-Sep-2025 — /EuropaWire/ — Iberdrola has completed the divestment of its UK smart metering business, transferring SP Smart Meter Assets Limited (SPSMAL) — the ScottishPower subsidiary responsible for around 2.9 million devices — to Macquarie Group in a deal worth approximately £900 million (€1.06 billion).

The sale is part of Iberdrola’s ongoing strategy to sharpen its focus on regulated energy networks and renewable generation. In the UK, the Group has earmarked £24 billion for investment between 2024 and 2028, primarily targeting transmission and distribution infrastructure as well as clean power projects.

Following the transaction, ScottishPower will continue to work with Macquarie to ensure the rollout of smart meters to its customers. Macquarie already manages more than 13 million meters across the country — over 10 million of which are smart devices — reinforcing its position as a central player in the digitalization of the UK’s energy sector.

Iberdrola has been active in the UK for two decades, investing more than £35 billion to strengthen networks and grow renewable capacity. Its subsidiary ScottishPower recently expanded further with the acquisition of Electricity North West (ENW), making it the country’s second-largest electricity distribution operator with an asset base of around £14 billion. Today, ScottishPower serves 12 million people, holds multiple distribution licences, and operates 170,000 kilometers of lines, while employing 8,000 people and supporting 70,000 jobs through its supply chain.

This transaction also advances Iberdrola’s global Asset Rotation Plan, launched in 2024, under which the company has already generated over €14 billion through disposals and strategic alliances. By channeling resources away from non-core assets such as metering, Iberdrola is reinforcing its investment in core business areas where long-term regulated returns and decarbonization goals align most strongly — notably networks in the UK and US.

Media contact:
Iberdrola España
Iberdrola España Communication Direction
Tel: +34 91 577 65 00
comunicacioncorporativa@iberdrola.es

SOURCE: IBERDROLA