SP Energy Networks acquires tech company
Iberdrola has completed a deal through its UK business, SP Energy Networks, to acquire the private technology company Derryherk.
Image for illustration purposes.
UK, Scotland: Iberdrola has completed a deal through its UK business, SP Energy Networks, to acquire the private technology company Derryherk. Its technology improves data connectivity through its digital twin to enable innovative network fault detection, forecast capacity constraint and provide active management of the low voltage network.
SP Energy Networks’ (SPEN) acquisition builds on a previous commercial agreement and will support the integration of the technology developed on to SPEN’s network, supporting its net zero ambitions. The transaction furthers Iberdrola’s growth in the country through its ScottishPower businesses, with investment of £12 billion committed between 2024-2028 and boosted by the recent signing of agreements to acquire a majority acquisition of ENW (subject to the standard authorisations for this type of transaction) for around £2.1 billion. SPEN’s network provides electricity to more than 3.5 million homes and businesses throughout central and 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.”
Source: ScottishPower
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