Iberdrola and Norges Bank Investment Management have reached 1500MW of operational renewable capacity in their co-investment alliance following the addition of the Caparacena and Ciudad Rodrigo solar plants.
The 330MW Caparacena and 316MW Ciudad Rodrigo facilities in Granada and Salamanca have been in operation since late last year, the JV said.
The partners said the assets are part of a €2bn joint venture created in 2023 to accelerate electrification in Iberia, with further contributions expected from projects now in advanced construction.
The plants generate clean energy for more than 800,000 people in the regions and help avoid 85,000 tonnes of CO2.
Norges Bank Investment Management has been one of Iberdrola’s largest shareholders for more than seven years and holds close to 3% of the company.
The groups said the partnership could expand into new renewable opportunities in other markets.