Iberdrola and Norges Bank add 644MW to their Iberian PV portfolio

Spanish energy company Iberdrola and Norges Bank Investment Management have concluded negotiations to add 644MW of renewable energy to their Iberian clean energy alliance.

In January, the partners announced negotiations to double their nearly 1,300MW portfolio. A total of 674MW was added initially, with the extra 644MW now fully agreed.

The additional 644MW projects will be solar PV located in Spain, including in Extremadura (328MW, already in operation) and Castilla y León (316MW). Both projects have PPA agreements in place for part of their production.

This alliance, that represents a joint investment of more than 2 billion euros ($2.14 billion), will develop approximately 2,500MW of renewables in Spain and Portugal.

Iberdrola will have a majority stake of 51% in the assets.

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This renewable portfolio will have the capacity to supply energy to more than 400,000 homes each year, which will mean more than 350,000 tonnes of CO2 avoided per year.

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. It owns on average 1.4% of all listed companies in the world and 2.5% of all listed companies in Europe.

As one of Iberdrola's main shareholders, Norges Bank Investment Management has retained a stake of 3% for more than seven years.

The announcement comes after Iberdrola announced a strong Q1 performance, raising its profit target for the year after high renewable output in Spain and tariff increases in its network business around the world.