Iberdrola Group partners with Norges Bank to co-invest more than €2 billion in Spain and Portugal
- The companies incorporate an additional 1,300 MW in the Iberian Peninsula, to reach 2,600 MW
- Iberdrola’s executive chairman, Ignacio Galán, announced the agreement at the World Economic Forum in Davos
The Iberdrola Group, of which Iberdrola España forms part, and the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management, are to double their clean energy investment alliance, adding 1,300 MW of additional renewable energy capacity to unlock more than €2 billion joint investment in Spain and Portugal over the next three years. As of today, 674 MW of wind and solar has been added to the alliance, with the rest to be included in the coming months, to reach a total capacity of 2,600 MW.
The 674 MW of new renewable energy capacity is in the development stage – 40% wind and 60% photovoltaic solar energy – across the Iberian Peninsula. Final negotiations on exclusivity are also taking place on including an additional 643.5 MW of operational and under development solar PV capacity to the alliance.
Both companies have joined forces to accelerate decarbonisation in the Iberian Peninsula, and the agreement could be extended in the future to other countries. Iberdrola will have a majority stake of 51% in the assets.
Find out more about the partnership between the Iberdrola Group and Norges Bank Investment Management
External link, opens in new window. for investment in the Iberian Peninsula.