From Yahoo Finance: 2025-05-12 05:18:00

Iberdrola has agreed to sell its UK smart metering division, SP Smart Meter Assets, to Macquarie for £900m. The deal awaits UK competition authority approval and is expected to finalize in Q3 2025. SPSMAL manages 2.7 million meters, while Macquarie oversees over 10 million meters in the UK, contributing £1.5bn to smart meter deployment.

As part of Ofgem’s Smart Meter Rollout Programme, 38 million smart meters were installed in British households and small businesses by the end of 2024. Iberdrola’s decision to divest its smart metering assets aligns with its strategy of rotating non-core assets. The company has already surpassed €10bn in partnerships and divestments as outlined in its Strategic Plan for 2024/26.

In a strategic move, Iberdrola signed an agreement with Kansai Electric to co-invest in the Windanker offshore wind farm in the Baltic Sea. Valued at €1.28bn, the project is set to come online in Q4 of the following year, featuring 21 turbines with a unit capacity of 15MW.

Read more: Iberdrola to sell UK smart metering division to Macquarie