Iberdrola and Norges Bank Investment Management have reached 1.5 GW of renewable energy capacity in operation through their long-term strategic partnership in Spain.
The latest contribution to the joint venture includes 646 MW of solar photovoltaic (PV) capacity from the Caparacena (330 MW) and Ciudad Rodrigo (316 MW) plants, located in the provinces of Granada and Salamanca, respectively. Both projects have been operational since the end of last year.
As with previous asset injections, Iberdrola will retain a 51% majority stake in these renewable assets, maintaining operational control while advancing its co-investment model.
With these additions, the partners continue to strengthen their co-investment platform in Spain and Portugal, which exceeds €2 billion in total investment. The joint venture, established in 2023 to accelerate electrification and the deployment of clean energy, is expected to incorporate further assets currently under advanced construction in the near term. While the initial focus is on the Iberian Peninsula, the partnership has the potential to expand into other geographies.
The Caparacena and Ciudad Rodrigo solar PV plants together generate enough clean electricity to supply more than 800,000 people annually in the regions of Granada and Salamanca. They also help avoid approximately 85,000 tonnes of CO₂ emissions each year, contributing to Spain’s decarbonisation and renewable energy targets.
Norges Bank Investment Management manages assets worth around €1.7 trillion and holds stakes in more than 9,000 companies worldwide, representing an average ownership of 1.5% of all listed companies globally and around 2.5% across Europe.
The Norwegian sovereign wealth fund manager has been one of Iberdrola’s largest shareholders for more than seven years, with a stake close to 3%. Building on this long-standing relationship, Norges Bank Investment Management partnered with Iberdrola to make its first direct investment in renewable energy assets in Spain.
The alliance brings together two global leaders in their respective fields: Iberdrola, Europe’s largest utility by market capitalisation, and Norges Bank Investment Management, one of the world’s largest sovereign wealth fund managers. Together, they are consolidating a long-term strategic partnership that could unlock new renewable energy investment opportunities in additional markets.
