Iberdrola has completed a deal to acquire private technology company Derryherk through its UK business SP Energy Networks (SPEN).
Its technology improves data connectivity through its digital twin to enable network fault detection, forecast capacity constraint and provide active management of the low voltage network, said the Spanish developer.
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 the company’s net zero ambitions.
The transaction also furthers Iberdrola’s growth in the UK through its ScottishPower businesses, with investment of £12bn previously 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 £2.1bn.
Since merging with ScottishPower in 2007, Iberdrola has invested around £30 bn in the UK, it said.
“The electricity network is critical to electrifying and decarbonising the economy to support a net zero future,” said SPEN chief operating officer Guy Jefferson.
“This technology will take us another step forward in building the smart grid of the future that will power cleaner and greener lives.”