Iberdrola and Norges Bank Investment Management Unveil Over €2 Billion Investment in Renewable Energy Across Spain and Portugal

Iberdrola and Norges Bank Investment Management have teamed up to double their clean energy investment, adding 1,300 MW in the Iberian Peninsula. This €2 billion alliance aims to accelerate decarbonization, with 674 MW already in development. The renewable portfolio targets 2,600 MW, primarily comprising wind and solar. Iberdrola’s majority stake of 51% underscores their commitment to sustainable energy.

Ignacio Galán, Iberdrola’s executive chairman, announced the agreement at the World Economic Forum, emphasizing the strategic partnership’s role in advancing renewables in the Iberian Peninsula.

The valuation of 674 MW project amounts to €627 million. This initiative is expected to supply energy to over 400,000 homes annually, reducing the emission of 350,000 tonnes of CO2 per year.

The executive chairman of Iberdrola, Ignacio Galán, said, “Today we have expanded our clean energy alliance to advance the development of renewables in the Iberian Peninsula in a faster, more consolidated and competitive way. Innovative agreements like this allow us to combine our knowledge in clean energy and our financial strength with those of Norges Bank Investment Management, a truly progressive partner, building on our alliance that has been growing for many years,” said the executive chairman.

Norges Bank Investment Management CEO, Nicolai Tangen, added, “We are really pleased to announce this new important deal with our great partner Iberdrola. It gives us more critical mass in Spain and is also our first step into Portugal. We look forward to adding more attractive renewable infrastructure projects going forward.”