Macquarie Specialised and Asset Finance has signed an agreement with ScottishPower parent Iberdrola for the purchase of its UK smart meters business, ScottishPower Smart Meters Asset Limited (SPSMAL), for £900 million.

Upon completion of the sale, Macquarie will enter a long-term meter rental agreement to provide Smart Meter Asset Provision (MAP) services to ScottishPower and support the business in the further roll-out of smart meters across Great Britain.

The transaction is subject to customary adjustments and regulatory clearances and is expected to complete in Q3 of 2025.

Macquarie Specialised and Asset Finance is part of Macquarie Group’s Commodities and Global Markets business.

“The acquisition will add around 2.7 million meters to Macquarie’s portfolio in the UK, meaning it will manage over 13 million meters nationwide,” said Macquarie.

“Macquarie is currently one of the largest independent MAPs in the UK. Established in 2003 its meters business currently manages over 10 million meters in total, including 7.9 million smart meters and 2.5 million traditional meters, across Great Britain.  It has also provided over £1.5 billion of funding to assist with Britain’s smart meter rollout.”

Julian Liddy, Senior Managing Director, Macquarie Specialised and Asset Finance, said: “Having played an active role in the roll out of more than 7.5 million smart meters to British households and businesses, this transaction provides an opportunity for us to add further scale and continue to drive progress towards UK government targets and bring benefits to British electricity and gas consumers.

“We are pleased to be taking ownership of a business with a track record of strong performance under the management of Scottish Power and look forward to supporting its further growth.”