Macquarie to sell meter asset provider OnStream

• Macquarie reaches agreement to sell the OnStream platform, including a portfolio of seven million later generation smart meters

• OnStream to enter next phase of growth under new ownership

• Macquarie to retain portfolio of six million traditional and earlier generation smart meters in the UK

Macquarie Specialised and Asset Finance (Macquarie), part of Macquarie Group’s Commodities and Global Markets business, has signed an agreement with Igneo Infrastructure Partners (Igneo) European and Global Infrastructure Strategies for the sale of its leading Meter Asset Provider (MAP) platform, OnStream.

The transaction comprises a portfolio of more than seven million later generation smart meters (mainly SMETS2) owned by OnStream and operating across the UK and Germany. This includes the majority of the 2.7 million meters Macquarie acquired from Spanish energy utility, Iberdrola, in 2025 and a portfolio built by Macquarie, which first established its metering business in 2003.

Upon completion, Igneo’s Strategies will assume full control of OnStream and its core operations, financing the provision and installation of smart meters for energy suppliers in Great Britain and for meter point operators in Germany. The sale includes OnStream’s origination capabilities, including a contracted orderbook.

Since 2003, Macquarie has invested more than £2 billion in support of the nationwide rollout of smart meters across Great Britain. Smart meters give households and businesses real‑time insight into their energy use and enable energy suppliers to better manage demand and networks to operate efficiently. Smart meters are widely recognised as a key part of the activities required to achieve the UK Government’s commitment to reach net zero emissions by 2050.

Following the sale, Macquarie will continue to own approximately 6 million traditional and earlier generation smart meters (SMETS1) in the UK.

Julian Liddy, Senior Managing Director, Macquarie Specialised and Asset Finance, said: “Our metering business has played an important part in supporting Britain’s energy grid over the last two decades, driving progress towards a smarter system capable of supporting customers to understand and better manage their energy use. With a strong track record of managing energy infrastructure, we believe Igneo is well positioned to continue to support the growth on OnStream and meet the needs of energy suppliers and their end customers in the years ahead.”