Iberdrola has strengthened its co-investment alliance with Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, by adding 708 MW of new renewable capacity. This capacity comes from two significant photovoltaic projects in Extremadura, Spain: Ceclavín, which has 328 MW, and Tagus XL, with 380 MW. As with previous additions to the joint venture, Iberdrola will hold a 51 percent majority stake in these assets. With this latest agreement, the alliance now encompasses a renewable portfolio of 2,500 MW and over €2 billion in co-investment across Spain and Portugal.
Nearly 900 MW of this capacity is already operational under the joint venture, established in 2023 to accelerate electrification in Iberia and potentially expand to other regions. The Ceclavín and Tagus XL plants are already generating clean energy, providing electricity to over 885,000 people annually in Extremadura and helping to avoid approximately 100,000 tonnes of CO₂ emissions each year. Additional projects currently under construction are expected to join the partnership soon. Norges Bank Investment Management manages assets valued at around €1.7 trillion and holds stakes in more than 9,000 companies globally. It has been one of Iberdrola’s largest shareholders for over seven years, with nearly 3 percent ownership, and made its first direct investment in Spanish renewable assets through this alliance. This collaboration enhances the long-term relationship between Iberdrola, Europe’s largest utility by market capitalization, and Norges Bank Investment Management, one of Europe’s largest sovereign wealth funds.
Both partners have indicated the potential to extend their cooperation to additional renewable opportunities beyond Iberia. In recent months, Iberdrola has also pursued several other strategic transactions to support global decarbonization efforts. These include increasing its stake in Brazilian subsidiary Neoenergia to approximately 84 percent by acquiring an additional 30 percent from PREVI and forming a €5.2 billion partnership with Masdar to co-invest in the 1.4 GW East Anglia Three offshore wind farm in the United Kingdom.
Source: Iberdrola
