Macquarie to Sell OnStream Smart Meter Platform to Igneo

Macquarie Specialized and Asset Finance has agreed to sell its OnStream Meter Asset Provider platform to Igneo Infrastructure Partners. 

The deal includes a portfolio of more than seven million smart meters operating across the UK and Germany, including 2.7 million meters acquired from Iberdrola in 2025 alongside assets developed by Macquarie since launching its metering business in 2003. 

Upon closing, Igneo will assume full ownership of OnStream, including its core operations, financing platform and contracted orderbook, supporting the installation and management of smart meters for energy suppliers and network operators across both markets. 

Macquarie has invested more than £2 billion over the past two decades to support the rollout of smart metering infrastructure in Great Britain, positioning the platform as a key enabler of grid modernization and energy efficiency. 

“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,” said Julian Liddy, Senior Managing Director at Macquarie Specialized and Asset Finance. 

Following the transaction, Macquarie will retain ownership of approximately six million traditional and earlier-generation smart meters in the UK.