Iberdrola, Spain’s leading electricity company, has partnered with Norges Bank Investment Management, which manages Norway’s sovereign wealth fund, to invest in 1,265 MW of new renewable energy capacity in Spain. The partnership will see Iberdrola hold 51% of the assets, with Norges Bank Investment Management owning the remaining 49%. The alliance aims to accelerate the decarbonization process in Spain, with the potential to expand to other countries in the future.
Iberdrola already has a significant presence in the Spanish renewable energy market, with almost 19,500 MW of capacity currently installed. The company plans to add an additional 4,100 MW by 2025. The new capacity will be split between wind and solar PV, with 20% coming from wind and 80% from solar PV. The portfolio of assets, valued at approximately €1.2 billion, will have the capacity to power over 700,000 homes each year.
Iberdrola will manage and control the assets, providing operations and maintenance services, as well as other corporate services. The projects are located in various regions in Spain, including Andalusia, Extremadura, Aragón, Castilla y León, Madrid, Murcia and Castilla La Marcha.
Norges Bank Investment Management, with €1.4 trillion of assets under management, is a major shareholder of Iberdrola. This marks the fund’s first direct investment in renewables assets in Spain, and the partnership with Iberdrola could lead to further renewable energy opportunities in other markets.