Iberdrola and Norway’s Wealth Fund Add First 50 MW Solar to €2 Billion Iberian Renewables Alliance

Credit: Iberdrola

and 's sovereign wealth fund, managed by Norges Bank Investment Management, have integrated their first 50 MW of power into a €2 billion renewable energy venture across Spain and .

This initial contribution consists of the 50 MW Penarrubia solar plant in , 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.

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