Global energy company Iberdrola has completed a deal to acquire private technology company Derryherk through its UK business SP Energy Networks (SPEN).
The energy company made the move as Derryherk’s technology aims to improve data connectivity through its digital twin, enabling network fault detection, forecast capacity constraint, and providing active management of the low voltage network.
SPEN’s acquisition of the technology company builds on a previous commercial agreement, and will support the integration of the technology developed on to its network, supporting SPEN’s net zero ambitions, it said.
The transaction also furthers Iberdrola’s growth in the UK through its ScottishPower businesses, with investment of £12 billion previously committed between 2024-2028.
It also follows recent signing of agreements to acquire a majority acquisition of ENW, subject to standard authorisations, for approximately £2.1 billion.
Since merging with ScottishPower in 2007, Iberdrola has invested around £30 billion in the UK, it said.
SPEN’s network keeps electricity flows to more than 3.5 million homes and businesses throughout central & southern Scotland and Merseyside, Cheshire, North & Mid-Wales, and North Shropshire.
Guy Jefferson, SP Energy Networks’ Chief Operating Officer, said:
“The electricity network is critical to electrifying and decarbonising the economy to support a net zero future. This technology will take us another step forward in building the smart grid of the future that will power cleaner and greener lives.”
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