– Iberdrola and Norges Bank Investment Management are adding 644MW of renewable energy capacity in Spain
– The expanded alliance now includes around 2.5GW of projects under development in the Iberian region
– Norges Bank Investment Management will acquire a 49% stake in the renewable energy portfolio for €203m, valuing the entire portfolio at around €414m
Iberdrola and Norges Bank Investment Management have expanded their clean energy initiative in Spain, adding an additional 644MW of renewable energy capacity to their joint portfolio. This brings their total projects under development in the Iberian region to around 2.5GW. Norges Bank will acquire a 49% stake in the renewable energy portfolio for €203m, valuing the entire portfolio at around €414m, with Iberdrola retaining the remaining 51%.
The new projects are exclusively solar and located in Extremadura and Castilla y Leon, with capacities of 328MW and 316MW respectively. The partners have also secured power purchase agreements for a portion of the energy output from these solar projects. The alliance between Iberdrola and Norges Bank Investment Management may extend to other countries in the future. Previously, the two entities finalized a deal to sell a 49% share in a Spanish renewable energy portfolio with a capacity of 1.26GW in June 2023.
Iberdrola has also announced plans to invest €41bn to accelerate electrification and enhance power grids globally, with a significant portion allocated for grid network expansion in the US, UK, Brazil, and Spain. This investment includes the acquisition of an 18.4% stake in Avangrid for $2.5bn, with the US assets set to receive 35% of the total investment.