Iberdrola has concluded negotiations with Norway’s sovereign wealth fund to add an extra 644MW of renewable energy in Spain to their Iberian clean energy alliance.
These additional projects will all be solar, located in Extremadura (328MW, already in operation) and Castilla y Leon (316MW).
The developer has reached the agreement with the wealth fund through its manager Norges Bank Investment Management.
Iberdrola and Norway’s sovereign wealth fund now has approximately 2500MW under development and Iberdrola will have a majority stake of 51% in the assets.
In January, both companies stated that they were negotiating exclusively to double the size of their previously announced partnership of nearly 1300MW.
A total of 674MW was added initially, with the extra 644MW now fully agreed.
Both projects have PPA agreements in place for part of their production.
The partners said the alliance could be expanded in the future to other countries.
Norges Bank Investment Management has assets under management of around €1.4tn and stakes in more than 9000 companies.
It owns on average 1.4% of all listed companies in the world and 2.5% of all listed companies in Europe.
As one of Iberdrola’s main shareholders, Norges Bank Investment Management has retained a stake of 3% for more than seven years.
The alliance with Norges Bank Investment Management was initially expanded last January by nearly 700MW, with the inclusion of assets in Portugal.