in Barcelona
3 to 5 Nov 2026Iberdrola has agreed to sell 100% of its UK-based smart metering business, SP Smart Meter Assets Limited (SPSMAL), to Australian financial group Macquarie for approximately £900 million (€1.06 billion). The deal, pending approval from UK competition authorities, is expected to finalize in the third quarter of 2025.
SPSMAL currently manages 2.7 million smart meters in the UK. Macquarie, a major player in the UK’s metering sector, oversees over 10 million meters nationwide, including 7.5 million smart meters. The UK’s Smart Meter Rollout Programme, supported by regulator Ofgem, has installed 38 million smart meters in homes and small businesses as of 2024.
This sale aligns with Iberdrola’s strategy to divest non-core assets, bringing its total alliance and divestment transactions above €10 billion under its 2024-2026 Strategic Plan. The deal marks Iberdrola’s second-largest divestment after the sale of its Mexican combined-cycle plants in 2024.
The company has recently engaged in multiple partnerships and sales, including offshore wind collaborations, grid expansions in Brazil, and acquisitions in the US and UK energy sectors. These moves aim to strengthen Iberdrola’s focus on electrification and renewable energy growth.
