Macquarie Specialised and Asset Finance, a division of Macquarie Group's Commodities and Global Markets business, has entered into an agreement to acquire Iberdrola's UK smart meters business, SP Smart Meters Asset Limited (SPSMAL), for approximately £900 million. The transaction is subject to customary adjustments and regulatory approvals and is anticipated to conclude in the third quarter of 2025.
Upon completion, Macquarie will engage in a long-term meter rental agreement to provide Smart Meter Asset Provision services to Scottish Power. This move aims to support the continued deployment of smart meters across Great Britain.
The acquisition will expand Macquarie's portfolio by approximately 2.7 million meters, bringing its total management in the UK to over 13 million meters. Established in 2003, Macquarie currently manages more than 10 million meters nationwide, including 7.9 million smart meters.
Julian Liddy, Senior Managing Director at Macquarie Specialised and Asset Finance, stated: "Having played an active role in the roll out of more than 7.5 million smart meters to British households and businesses, this transaction provides an opportunity for us to add further scale and continue to drive progress towards UK government targets and bring benefits to British electricity and gas consumers."
Smart meters are considered an upgrade to energy infrastructure in the UK as they offer consumers near-real-time information on their energy use. By the end of 2024, under the Smart Metering Implementation Programme led by the Department for Energy Security & Net Zero, around 38 million smart meters had been installed across British homes and small businesses.
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