The Spanish energy group Iberdrola and the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management, have agreed to develop an additional 1.3 GW of renewable capacity in Spain and Portugal, with an estimated joint investment of more than €2bn over the next 3 years.
The alliance has already 674 MW of wind and solar projects under development (40% wind and 60% solar), across the Iberian Peninsula valuated at €627m. The parties are on final negotiations on exclusivity to add another 643.5 MW of operational and under development solar PV capacity to the alliance. The joint capacity of the alliance would then reach 2.6 GW in the coming months. Iberdrola is expected to have a majority stake of 51% in the assets.
The agreement that seeks to accelerate decarbonisation in the Iberian Peninsula could be extended in the future to additional renewable opportunities in other geographic areas. The alliance’s renewable portfolio should have the capacity to supply energy to more than 400,000 homes each year, avoiding more than 350,000 tCO2/year.
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