Iberdrola and Norges Bank Investment Management have reached 1.5GW of operational renewable energy capacity in their co-investment alliance following the addition of two solar plants in Spain.
The 330MW Caparacena project in Granada and the 316MW Ciudad Rodrigo facility in Salamanca have been in operation since late last year, the partners said, lifting total operating capacity in the joint venture to 1,500MW.
The assets form part of a €2bn partnership launched in 2023 to accelerate electrification across Iberia, with further capacity expected from projects currently under advanced construction.
The companies said the plants generate clean electricity for more than 800,000 people in their regions and help avoid around 85,000 tonnes of carbon dioxide emissions.
Norges Bank Investment Management has been one of Iberdrola’s largest shareholders for more than seven years and holds close to 3% of the Spanish utility. The partners added that the alliance could expand into new renewable opportunities in other markets.
