Iberdrola has completed the sale of its UK smart meter business to Macquarie Group in a transaction valued at approximately £900 million. The deal covers 100% of SP Smart Meter Assets Limited (SPSMAL), the ScottishPower subsidiary responsible for managing around 2.9 million smart meters across the country. Following the sale, ScottishPower will continue to work with Macquarie to support the smart meter rollout for its customers, while refocusing efforts on strengthening its energy networks. Macquarie is one of the UK’s leading independent electricity meter providers and now manages more than 13 million devices, of which over 10 million are smart meters. With this deal, Iberdrola has now surpassed €14 billion in asset rotations and strategic partnerships since launching its Asset Rotation plan in 2024.