Iberdrola has strengthened its co-investment alliance with Norges Bank Investment Management by adding 708MW of operational solar in Spain.
The deal covers the 308MW Ceclavin and 380MW Tagus XL projects in Extremadura, taking the joint venture’s operating capacity close to 900MW.
Iberdrola will retain a 51% stake in the assets under the agreement, which is part of a wider €2bn partnership spanning a 2.5GW portfolio in Spain and Portugal.
The two solar plants together produce enough power for more than 885,000 people annually and cut emissions by 100,000 tonnes of CO2, according to Iberdrola.
The alliance, launched in 2023, is expected to add further projects now in advanced construction, with potential expansion beyond Iberia.
Norges Bank Investment Management has been one of Iberdrola’s largest shareholders for over seven years, holding close to 3%.