Norges Bank Investment Management (NBIM), which manages Norway’s sovereign wealth fund known as its ‘oil fund’, has acquired a 49% stake in one of Spanish renewables giant Iberdrola’s solar and wind portfolios.
This move further strengthens NBIM’s original alliance with Iberdrola, adding 1,300 MW of additional renewable energy capacity and unlocking more than $2bn joint investment over the next three years.
Under the terms of the agreement, $1.4trn NBIM will pay $307m for its 49% interest in the portfolio, which is valued at approximately $627m. Iberdrola will remain co-owner and operator of the portfolio.
The portfolio comprises of two solar plant projects (60%) and two onshore wind projects (40%) located in Spain and Portugal, with an installed capacity of 674 MW. All four projects are currently under development and expected to be completed in 2025/26, with NBIM taking ownership of the these once operational.
NBIM is one of Iberdrola’s main shareholders holding a stake of 3% for more than seven years.
“We are really pleased to announce this new important deal with our great partner Iberdrola. It expands our footprint in Spain and is also our first step into Portugal. We look forward to adding more attractive renewable infrastructure projects going forward,” said Nicolai Tangen, CEO at NBIM.
