Iberdrola and Norges Bank Investment Management Finalize Agreement to Expand Renewable Energy Alliance to 2,500 MW in Iberia

Iberdrola and Norges Bank Investment Management have successfully concluded negotiations to expand their alliance, reaching a total renewable energy capacity of 2,500 MW in Iberia. This recent agreement adds an additional 644 MW to their portfolio, representing a combined investment exceeding 2 billion euros.

The expanded alliance focuses on the development of renewable energy projects in Spain and Portugal, with a significant emphasis on solar PV installations. The added capacity, predominantly located in Extremadura and Castilla y León, further solidifies the commitment of both companies to accelerate decarbonization efforts in the Iberian Peninsula. With Iberdrola holding a majority stake of 51% in the assets, this renewable portfolio is anticipated to supply energy to over 400,000 homes annually, leading to an avoidance of more than 350,000 tons of CO2 emissions per year.

As one of Iberdrola’s key shareholders, Norges Bank Investment Management has held a stake of 3% for over seven years. This long-term relationship has helped Norges Bank Investment Management to go forward with its first direct investment in renewable assets in Spain with Iberdrola.