Iberdrola has expanded its co-investment partnership with Norges Bank Investment Management by transferring 708 megawatts (MW) of operational solar capacity in Spain to the joint venture, the company said on Monday.
The agreement includes the 308MW Ceclavín and 380MW Tagus XL solar farms, both located in the Extremadura region. The assets bring the alliance’s total operational capacity to nearly 900MW.
Iberdrola will retain a 51% controlling stake in the projects, with Norges Bank Investment Management holding the remaining 49%. The transaction forms part of a broader €2 billion strategic partnership covering 2.5 gigawatts (GW) of renewable energy projects across Spain and Portugal.
The two solar facilities produce enough electricity to supply more than 885,000 people per year and are expected to reduce carbon dioxide emissions by 100,000 tonnes annually, according to Iberdrola.
“Our alliance with Norges Bank Investment Management continues to deliver results,” Iberdrola said in a statement. “The incorporation of these operational assets strengthens our joint commitment to accelerating the energy transition.”
The partnership, established in 2023, includes projects currently in advanced stages of construction. Iberdrola said future expansion beyond the Iberian Peninsula is also under consideration.
Norges Bank Investment Management, which manages Norway’s sovereign wealth fund, has been one of Iberdrola’s largest shareholders for over seven years and currently holds close to 3% of the company.
