Macquarie completes acquisition of Iberdrola’s UK smart meters business

Macquarie Specialised and Asset Finance (Macquarie), part of Macquarie Group’s Commodities and Global Markets business, has today finalised the acquisition of SP Smart Meter Asset Limited (SPSMAL) from ScottishPower for around £900 million.

The acquisition solidifies Macquarie’s position as one of the largest independent Meter Asset Providers (MAP) in the UK, adding around 2.9 million meters to its UK portfolio, meaning it now manages more than 13 million meters nationwide. 

Macquarie has also entered into a long-term Meter Asset Provision arrangement to provide MAP services to ScottishPower and support the business in the ongoing rollout of smart meters across the UK.

Julian Liddy, Senior Managing Director, 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, Macquarie Specialised Asset Finance, said: “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.”