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    Iberdrola and Norges Bank have broadened their Spanish renewable energy platform

    Iberdrola has finalised discussions with Norway’s sovereign wealth fund to increase the renewable energy capacity in Spain by an additional 644MW as part of their collaborative clean energy venture in the Iberian region. These new projects will exclusively focus on solar energy and will be situated in Extremadura (328MW, already operational) and Castilla y Leon (316MW).

     

    The agreement between the developer and the wealth fund was facilitated through Norges Bank Investment Management, the fund’s manager. Currently, there are approximately 2500MW of renewable projects in development, with Iberdrola holding a majority stake of 51% in these assets.

     

    Earlier in January, both entities disclosed their exclusive negotiations to double the scale of their previously announced partnership, originally targeting nearly 1300MW. Initially, an additional 674MW was included, and now the full additional capacity of 644MW has been formally agreed upon.

     

    Both solar projects have secured Power Purchase Agreement (PPA) arrangements for a portion of their energy output. The partners have also expressed the possibility of extending their alliance to include projects in other countries in the future.

     

    Norges Bank Investment Management manages assets worth around €1.4tn and holds stakes in over 9000 companies globally. It possesses an average ownership of 1.4% in listed companies worldwide and 2.5% in European listed companies.

     

    As a major shareholder in Iberdrola, Norges Bank Investment Management has maintained a 3% stake for more than seven years. Initially, the partnership between Iberdrola and Norges Bank Investment Management was expanded last January by nearly 700MW, which included assets located in Portugal.

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