Iberdrola, Norway sovereign wealth fund to invest in new renewables capacity in Spain

Facebook
Twitter
LinkedIn
Reddit
Email
Both parties will invest in 1,265MW of new renewables capacity in Spain. Image: Iberdrola.

Spanish multinational electric utility company Iberdrola has partnered with Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, to invest in 1,265MW of new renewables capacity in Spain, with solar plants making up 80% of the portfolio.  

Of the solar and wind portfolio, 137MW is operational in the regions of Castilla-La Mancha and Aragón. The rest of the projects are in development in Andalucía (358MW), Extremadura (343MW), Aragón (175MW), Castilla y León (102MW), Madrid (55MW), Murcia (50MW) and Castilla-La Mancha (45MW). There are seven solar plants and five onshore wind projects in total. 

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

According to NBIM, nine projects are now under development, expected to be completed between 2023-2025. Norges Bank Investment Management will take ownership of these projects when they become operational.

NBIM is also a 3% shareholder in Iberdrola. According to the Spanish group, the new partnership builds on both parties’ longstanding relationship and is its first direct investment in renewables assets in Spain, aiming to accelerate decarbonisation in the country. 

The terms of the agreement value the assets in the portfolio at about €1.2 billion (US$1.3 billion).

Under the partnership, Iberdrola will have a majority stake of 51% in the assets. Iberdrola will also control and manage the assets, providing operations and maintenance services, as well as other corporate services.  NBIM will pay €600 million for its 49% interest in the portfolio. No external debt financing will be involved in the transaction.

Iberdrola has almost 19,500MW of renewable energy capacity installed in Spain and will build 4,100MW more by 2025. In the future, Iberdrola said that both parties might extend their partnership to other countries. 

Over the past few years, Iberdrola has invested in renewables in various markets. It is committed to investing between €2-3 billion in Australia in the “coming years”. The utility, which currently has a 2GW portfolio of development projects and an installed capacity of 1,062MW of solar, wind and battery storage in Australia, aims to reach 4GW of installed renewables capacity in the country.

In July 2022, Iberdrola and British multinational oil and gas company bp reached an agreement to accelerate the deployment of EV charging infrastructure and the production of green hydrogen in Spain and Portugal.

11 March 2025
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.
25 November 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

February 12, 2025
The commercial and industrial (C&I) segment represented the bulk of additions in 2024 with 1,085MW, while residential solar added 346MW.
Premium
February 11, 2025
PV Tech Premium spoke with Alexia Ruvoletto, former head of the Solar Stewardship Initiative, about its supply traceability standard.
February 11, 2025
The US solar industry was previously sanguine about Trump's initial tariffs, though the impacts of these metal tariffs are unclear.
February 10, 2025
Factors including import duties and changing tax rates in China have driven up US module prices, according to CEA's latest pricing report.
February 10, 2025
Chinese module manufacturer JinkoSolar is suing rival producer Longi in Australia for alleged infringement of technology patents.
February 10, 2025
South Australia-based solar PV developer Green Gold Energy has received consent from the South Australian government for a 200MW solar-plus-storage site.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 17, 2025
London, UK
Solar Media Events
February 19, 2025
Tokyo, Japan
Solar Media Events
March 11, 2025
Frankfurt, Germany