Iberdrola has reached an agreement to divest its smart metering division SP Smart Meter Assets (SPSMAL) in the UK to Macquarie for around £900m (€1.07bn).
The agreement is subject to the approval of the UK’s competition authority and is expected to be finalised in the third quarter of 2025.
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SPSMAL currently manages 2.7 million meters throughout the UK.
Macquarie is a major entity in the UK sector, overseeing more than ten million meters, including both smart and conventional meters.
The company has contributed more than £1.5bn ($1.98bn) to facilitate the deployment of smart meters in Britain.
As part of the Smart Meter Rollout Programme led by Ofgem, 38 million smart meters were installed in British households and small enterprises by the end of 2024.
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By GlobalDataIberdrola’s choice to sell its smart metering assets is in line with its strategy of rotating non-core assets.
The company has already exceeded €10bn in partnerships and divestments as detailed in its Strategic Plan for 2024/26.
This transaction represents Iberdrola’s second-largest divestment to date following the sale of combined cycle plants in Mexico in 2024.
The company continues to prioritise growth acceleration and the promotion of economic electrification while maintaining financial robustness.
In April this year, Iberdrola signed a strategic agreement with Japan’s Kansai Electric to co-invest in the Windanker offshore wind farm.
The project, valued at €1.28bn, is located in the Baltic Sea. The Spanish utility company holds a 51% stake in the assets.
The wind farm, which is expected to come online in the final quarter of next year, will feature 21 turbines with a unit capacity of 15MW.
