Macquarie Specialised and Asset Finance, a division of Macquarie Group’s Commodities and Global Markets business, has completed the acquisition of SP Smart Meter Asset Limited (SPSMAL) from ScottishPower for approximately £900 million.
With this purchase, Macquarie strengthens its position as one of the largest independent Meter Asset Providers in the UK. The deal adds about 2.9 million meters to Macquarie’s UK portfolio, bringing its total managed meters to over 13 million across the country.
As part of the transaction, Macquarie has also entered into a long-term agreement to provide Meter Asset Provision services to ScottishPower. This arrangement is intended to support ScottishPower in continuing the rollout of smart meters throughout the UK.
Julian Liddy, Senior Managing Director at Macquarie Specialised and Asset Finance, said: “Smart meters continue to play an important role in supporting the energy transition by unlocking new approaches to managing demand. We are pleased to complete this transaction, marking the next phase in the development of our meters business, which has played a leading role in supporting the UK’s Smart Metering Implementation Programme.”
Neil Denley, Managing Director at Macquarie Specialised Asset Finance, added: “Since establishing this business in 2003, we’ve been active in supporting the rollout of meters across the UK. We’ve funded the procurement and installation of more than 7.5 million smart meters at businesses and homes up and down the country, helping to contribute to a substantial upgrade of the nation’s energy infrastructure.”
The acquisition comes as part of ongoing efforts within the UK energy sector to expand smart meter usage and modernize infrastructure.