Iberdrola and Norges Bank extend their Spanish renewable fund to 2.5 GW

The Spanish energy group Iberdrola has concluded negotiations with Norway's sovereign wealth fund manager - Norges Bank Investment Management - to add an extra 644 MW of renewable energy in Spain to their €2bn Iberian clean energy investment alliance. The additional capacity is comprised only by solar projects, with 328 MW in Extremadura and 316 MW in Castilla y Leon. The extra 644 MW renewable energy capacity will raise the partnership’s fund to approximately 2.5 GW under development, with Iberdrola holding a majority stake of 51% in the assets. 

The alliance with Norges Bank Investment Management was initially expanded in January 2024 by nearly 700 MW, with the inclusion of assets in Portugal, and it may be expanded in the future to other countries to further their commitment to accelerate decarbonisation in the Iberian Peninsula. The 2.5 GW renewable portfolio is expected to have the capacity to supply energy to more than 400,000 homes each year, avoiding more than 350 kt of CO₂ per year.