Iberdrola announced on Wednesday the closure of its strategic alliance with the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management, once all the permits have been obtained to co-invest in 1,265 MW of new renewable capacity in Spain -20% wind and 80% photovoltaic , according to the information registered by both companies in the National Securities Market Commission (CNMV).
According to the terms of the operation, the valuation of 100% of this portfolio of assets amounts to around 1,225 million euros. Iberdrola, which holds 51% of the assets, will control and manage the assets, providing operation and maintenance services and other corporate services.
Of the 1,265 MW, 137 MW are operational -in Castilla-La Mancha and Aragón-; while the rest is under development, distributed between Andalucía (358 MW), Extremadura (343 MW), Aragón (175 MW), Castilla y León (102 MW), Madrid (55 MW), Murcia (50 MW) and Castilla La Mancha (45 MW). This renewable portfolio will have the capacity to supply energy to more than 700,000 homes each year.
Norges Bank Investment Management is one of the main shareholders of Iberdrola, with a participation of more than 3% for more than seven years. As a result of this relationship, Norges Bank Bank Investment Management has decided to make its first direct investment in renewable assets in Spain with Iberdrola.
An investment that both companies are committed to expanding and have confirmed that they are working on expanding this strategic alliance by more than 500 additional renewable MW in the Iberian Peninsula.
