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 portfolios.
Under the terms of the agreement, $1.4trn NBIM will pay $203m for its 49% interest in the portfolio, which is valued at approximately $414m. Iberdrola will remain co-owner and operator of the solar portfolio.
The portfolio comprises of two solar plant projects, with a total installed capacity of 644 MW. One of the solar projects is currently operational, whilst the second is under development and expected to be completed in 2025. NBIM will take ownership of the asset once it becomes operational.
This move follows NBIM acquiring a portfolio from Iberdrola in January, which is compromised of two solar plants and two onshore wind farms in Spain and Portugal.
It also concludes NBIM’s negotiations with Iberdrola, with their alliance now developing around 2,500MW of renewables in Spain and Portugal, representing a joint investment of over $2bn.
NBIM’s investment makes it one of Iberdrola’s main shareholders, holding a stake of 3% for more than seven years.
