Iberdrola and Norway’s sovereign wealth fund have incorporated the first 50MW of solar to their €2bn renewable energy investment alliance spanning assets in Spain and Portugal.
The 50MW comprises the Penarrubia solar plant in Murcia in Spain (picture of one of Iberdrola’s solar plants in Portugal).
Including Penarrubia, the operational capacity in the joint venture now reaches nearly 200MW.
Other assets at an advanced stage of construction are expected to be added to the joint venture in the short term.
Norges Bank Investment Management, which manages Norway’s sovereign wealth fund, and Iberdrola have been working together since 2023 to accelerate decarbonisation in Iberia through a 2500MW renewables portfolio.
Their alliance could be extended to additional markets in the future.
Iberdrola has a majority stake of 51% in the assets.
As one of Iberdrola’s main shareholders, Norges Bank Investment Management has retained a stake of 3% for more than seven years.
This long-term relationship helped Norges Bank Investment Management take the decision to make its first direct investment in renewable assets in Spain with Iberdrola, the largest European electricity company by capitalisation.