Iberdrola and Norway's sovereign wealth fund, managed by Norges Bank Investment Management, have integrated their first 50 MW of solar power into a €2 billion renewable energy venture across Spain and Portugal.
This initial contribution consists of the 50 MW Penarrubia solar plant in Murcia, Spain, bringing the partnership's operational capacity to nearly 200 MW.
The two entities established this alliance in 2023 with a target of developing a 2,500 MW renewable portfolio to accelerate decarbonization across Iberia.
Additional renewable assets, now in advanced construction phases, are expected to join the joint venture soon. The partnership, where Iberdrola holds a 51% majority stake, might expand to new markets beyond Spain and Portugal in the future.
For Norges Bank Investment Management, which has held a 3% stake in Iberdrola for over seven years, this marks its first direct investment in renewable assets in Spain alongside Iberdrola, Europe's largest electricity company by market capitalization.
