Iberdrola has signed a strategic alliance with the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management, to co-invest in 1,265 megawatts (MW) of new renewable capacity in Spain – 20% wind and 80% photovoltaic. This renewable portfolio will have the capacity to power more than 700,000 homes each year.
The valuation of 100% of this portfolio of assets amounts to approximately €1,225 million. Iberdrola will control and manage the assets, providing operation and maintenance and other corporate services.
This transaction is just the beginning of a partnership which they intend to extend to new projects. Iberdrola and Norges Bank Investment Management create “a strong alliance between two preferred partners whose commitment could be extended to additional renewable opportunities in other geographies”, the two companies explained in a statement.
The two companies are joining forces to “accelerate decarbonisation in Spain”, an agreement that “could be extended to other countries in the future”.
Norges Bank Investment Management, which manages Norway’s sovereign wealth fund, has assets under management of around €1.4 trillion and stakes in more than 9,000 companies.