HomeBusiness ›Iberdrola to Invest in 1,265 MW of New Renewables Capacity in Spain with Norges Bank Investment

Iberdrola to Invest in 1,265 MW of New Renewables Capacity in Spain with Norges Bank Investment

Iberdrola has signed an alliance with Norway's sovereign wealth fund, managed by Norges Bank Investment Management, to invest in 1,265 MW of new renewables capacity in Spain.

January 24, 2023. By News Bureau

Iberdrola has signed an alliance with Norway's sovereign wealth fund, managed by Norges Bank Investment Management, to invest in 1,265 MW of new renewables capacity in Spain.

Of the total capacity, 20% will come from wind and 80% from solar PV. Iberdrola will have a majority stake of 51% in the assets.

Both companies are joining forces to accelerate decarbonization in Spain initially and the agreement could be extended to other countries in the future. 

According to the terms of the agreement, the valuation of 100% of the assets in the portfolio amounts to approximately €1.2 billion. Iberdrola will control and manage the assets, providing operations and maintenance services, as well as other corporate services. 

Of the 1.265 MW total capacity, currently 137 MW are operational in Castilla-La Mancha and Aragón. The rest of the projects are in development in Andalusia (358 MW), Extremadura (343 MW), Aragón (175 MW), Castilla y León (102 MW), Madrid (55 MW), Murcia (50 MW) and Castilla La Marcha (45 MW). In total, the renewable energy portfolio will have the capacity to meet the electricity demands of more than 700,000 homes each year.

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