Iberdrola, a Spanish energy company, and Norges Bank Investment Management have finalized discussions to expand their Iberian clean energy alliance by adding 644MW of renewable energy.
This follows their earlier announcement in January to double their existing portfolio of nearly 1,300MW. Initially, 674MW was added, and now an additional 644MW has been fully agreed upon.
The new 644MW projects will consist of solar PV installations in Spain, specifically in Extremadura (328MW, already operational) and Castilla y León (316MW).
Both projects have secured Power Purchase Agreement (PPA) contracts for a portion of their output.
This alliance, representing a combined investment of over 2 billion euros ($2.14 billion), aims to develop approximately 2,500MW of renewable energy in Spain and Portugal.
Iberdrola will hold a majority stake of 51% in these assets.
The renewable energy portfolio is expected to power more than 400,000 homes annually, resulting in the avoidance of over 350,000 tonnes of CO2 emissions each year.
Norges Bank Investment Management, the manager of Norway’s sovereign wealth fund with assets under management of around €1.4 trillion, holds stakes in over 9,000 companies.
It has an average ownership of 1.4% in all listed companies globally and 2.5% in all listed companies in Europe.
As a major shareholder in Iberdrola, Norges Bank Investment Management has maintained a 3% stake for more than seven years.
Source Iberdrola and Norges
