Spanish utility Iberdrola SA and Norway's Norges Bank Investment Management (NBIM) have successfully commissioned a 50-MW solar farm in the Murcia region of Spain, marking the inaugural project of their joint venture (JV) in Spain and Portugal. The Penarrubia solar farm is now operational, as announced by Iberdrola on Thursday.
The partners are co-investing over EUR 2 billion (USD 2.17 billion) in renewable energy across the Iberian Peninsula, aiming to develop approximately 2,500 MW through their collaboration.
Since the JV was established in 2023, Iberdrola holds a 51% stake and operational control, while NBIM, which manages Norway's sovereign wealth fund and is a shareholder in Iberdrola, retains a 49% interest.
With the addition of the Penarrubia project, the operational capacity of the JV has reached nearly 200 MW. Iberdrola also indicated that several other projects are currently in advanced stages of construction and will be integrated into the JV in the near future.
