Iberdrola and Norges Bank Investment Management have incorporated the Tâmega wind farm, located in northern Portugal, into their clean energy co-investment agreement, adding 274 megawatts (MW) of power to a joint platform that already exceeds 1,800 MW of capacity and 2 billion euros committed.
In a statement, Iberdrola has noted that this facility is already in commercial operation and will contribute to significantly driving the expansion of the shared platform, which has recorded a strong pace of growth throughout this year.
According to Iberdrola, "this year the Caparacena and Ciudad Rodrigo plants in Spain have also been added", which contribute 646 MW of photovoltaic solar capacity and are "in operation since the end of the previous year".
The electric company has said that the alliance between both entities will continue expanding its portfolio with new green developments. Iberdrola has specified that "it is planned to continue adding new renewable capacity until reaching 2,300 MW in 2027", which shows the growth schedule designed for this strategic cooperation.
This co-investment platform represents a significant commitment to the electrification and decarbonization of the energy system. The alliance has mobilized "more than 2 billion euros of investment" in renewable assets, consolidating a long-term relationship between two benchmark players in the international energy sector.
A sovereign wealth fund with great global weight
Norges Bank Investment Management, one of the largest sovereign wealth funds on the planet, manages a very significant volume of resources. The Norwegian entity manages "assets worth around 2.1 trillion euros and holds stakes in more than 9,000 companies worldwide", which underscores its role as a first-rate institutional investor.
Norges Bank's presence in Iberdrola's capital dates back several years. The Norwegian sovereign wealth fund "has been one of Iberdrola's main shareholders for more than seven years, with a stake of around 2.3%", which reflects confidence in the strategy of the Spanish electric company.
On this shareholder base, the co-investment alliance is structured. Norges Bank Investment Management "joined forces with Iberdrola to make its first direct investment in renewable assets in Spain", marking a milestone in the fund's orientation toward clean generation projects.
The structure of this collaboration has been conceived with a vocation for continuity and growth. Both entities "thus strengthen a long-term strategic alliance that could be extended to new renewable opportunities in other markets," according to Iberdrola in its statement.