Iberdrola has entered into a strategic partnership with the sovereign fund of Norway for 1265MW of new renewables capacity in Spain.
The company finalized details of the alliance with the sovereign fund of Norway, which is managed by Norges Bank Investment Management. Iberdrola will have a majority stake of 51% in the assets.
According to the companies, the new renewables will consist of 20% wind and 80% solar. The portfolio amounts to about €1.2 billion.
“The strategic alliance is designed to accelerate decarbonization in Spain and could be extended in other countries in the future,” a local report mentioned.
The companies informed that Iberdrola will handle operation and maintenance services and other corporate services.
Out of the total 1,265MW, 137MW are operational in Castilla-La Mancha and Aragon while other projects are currently under development. The generated power will have the capacity to address the electricity demands of more than 700,000 homes annually.
As per the local reports, Norges Bank Investment Management has almost €1.4 trillion of assets under management. Besides, it is also one of the main shareholders of Iberdrola.
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