Iberdrola and Norway's sovereign wealth fund, managed by Norges Bank Investment Management, have partnered to invest in 1,265 MW of new renewable energy capacity in Spain, with 20% coming from wind and 80% from solar PV.
Iberdrola will hold a 51% majority stake in the assets. The agreement, valued at approximately €1.2 billion, aims to accelerate decarbonization in Spain and may be expanded to other countries in the future.
Iberdrola will oversee operations and maintenance, as well as other corporate services for the portfolio, which will have the capacity to power over 700,000 homes annually.
Norges Bank Investment Management, which manages Norway's sovereign wealth fund, has €1.4 trillion of assets under management and is the largest single investor in global equities, with stakes in over 9,000 companies.
On average, it owns 1.4% of all listed companies worldwide and 2.5% of all listed companies in Europe. The company is also a major shareholder of Iberdrola, holding a stake of more than 3% for over seven years.
Building on this relationship, Norges Bank Investment Management has decided to make its first direct investment in renewables assets in Spain, partnering with the leading European electricity company by capitalization.
This alliance between Iberdrola and Norges Bank Investment Management brings together two preferred partners and could lead to additional renewable energy opportunities in other markets.
