Iberdrola, Norwegian wealth fund join forces to invest €2 billion in renewables

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Renewable Energy

Iberdrola and the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management have finalised to double their clean energy investment partnership, adding 1,300 MW of additional renewable energy capacity to add more than €2 billion joint investment over the next three years. Reportedly, 674 MW of wind and solar has been added to the alliance, meanwhile rest to be included in the coming months, to reach a total capacity of 2,600 MW.

The 674 MW of new renewable energy capacity is in the development stage which comprises 40 per cent wind and 60 per cent solar PV across the Iberian Peninsula. Furthermore, final negotiations on exclusivity are also taking place on including an additional 643.5 MW of operational and under development solar PV capacity to the alliance. Both companies have partnered to accelerate decarbonisation in the Iberian Peninsula, and the agreement could be extended in the future to other countries. Iberdrola will have a majority stake of 51 per cent in the assets.

In December 2023, Iberdrola obtained environmental certification to construct the 86.4 MW HIDRO Cedillo hybrid hydroelectric-solar project in Spain. The hybrid plant is expected to optimise grid use, and will be situated in the municipality of Cedillo, in Extremadura. Over 160,000 photovoltaic modules will be included.

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