Iberdrola adds 708MW to renewables alliance with Norges Bank

Spanish energy major Iberdrola has expanded its co-investment alliance with investment manager Norges Bank by adding 708MW of solar capacity from the Ceclavín and Tagus XL solar PV projects in Spain.

This brings the joint venture’s operating capacity to nearly 900MW.

The Ceclavin (308MW) and Tagus XL (380MW) solar PV installations are both located in Extremadura and currently produce enough power to supply more than 885,000 people a year.

Iberdrola will retain a majority stake of 51% in these assets.

Iberdrola and Norges Bank have a well-established strategic alliance, which includes a renewables portfolio of 2,500MW and €2 billion ($2.4 billion) worth of co-investment across Spain and Portugal.

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The companies created the joint venture in 2023 to boost electrification and decarbonisation in Iberia, with the potential to expand to other geographies in the future.

Norges Bank Investment Management has been one of Iberdrola's largest shareholders for more than seven years, with a stake of close to 3%. The firm currently manages assets of around €1.7 trillion ($2 trillion) and has stakes in more than 9,000 companies.

Recently, Iberdrola has advanced several alliances to drive decarbonisation. These include the acquisition of an additional 30% of its Brazilian subsidiary Neoenergía from PREVI, and the partnership with Masdar to co-invest €5.2 billion ($6 billion) in the 1.4GW East Anglia THREE offshore wind farm in the UK.

For more insights into the Iberian energy transition, register to attend Enlit Europe, taking place in Bilbao, Spain, 18-20 November 2025.