31 OCT 2024

Iberdrola Group and Norges Bank Investment Management incorporate the first 50 MW of solar photovoltaic into their alliance

  • Iberdrola Group, of which Iberdrola España is part, and Norges Bank Investment Management incorporate the first 50 MW of solar PV commissioned from their under-development portfolio into their joint venture as part of their 2,500 MW renewables alliance.
  • The Peñarrubia project, in Murcia, is the first solar project to be commissioned and contribute to the alliance.
  • The closing of Peñarrubia project consolidates the joint investment of more than €2 billion.


 

Iberdrola and Norway's sovereign wealth fund, managed by Norges Bank Investment Management, has incorporated the first 50 MW (megawatts) of solar PV to their €2 billion renewable energy investment alliance. The Peñarrubia solar PV plant is located Murcia, with a total capacity of 50 MW.

This new plant reinforces the strategic alliance of more than €2 billion of co-investment in Spain and Portugal. Including Peñarrubia, the operational capacity in the joint venture now reaches nearly 200MW. Other assets currently at an advanced stage of construction are expected to be added to the joint venture in the short term.

Norges Bank Investment Management and Iberdrola are preferred partners, and have been working together since 2023 to accelerate decarbonisation in Iberia, an alliance that could be extended to additional markets in the future. Iberdrola has a majority stake of 51% in the assets.

The total 2,500 MW renewables portfolio being delivered by the alliance will have the capacity to supply energy to more than 400,000 homes each year, avoiding the emission of 350,000 tons of CO2 per year. Specifically, the Peñarrubia project, located between Yecla and Jumilla, already produces clean energy to supply more than 25,000 homes a year and contributes to avoiding the emission of 15,000 tons of CO2.

You can read the complete news about the alliance between the Iberdrola Group and Norges Bank Investment Management in Iberdrola España's Communication Room.