Norges Bank Investment Management acquires 49% interest in Iberdrola's 1.2 GW renewable energy portfolio in Spain
Type: Acquisition · Technology: Hybrid · Country: Spain · Capacity: 1265 MW · Value: $600M · Announced: 2023-01-16
Norges Bank Investment Management acquired a 49% interest in Iberdrola's 1.2 GW Spanish renewable energy portfolio for an estimated €1.2 billion. The portfolio comprises operational.
Analysis
Norges Bank Investment Management is partnering with global energy leader Iberdrola, acquiring a 49% stake in a 1.2 GW Spanish renewable portfolio for €600 million. This deal sees NBIM take a significant position in a hybrid mix of seven solar and five onshore wind projects. Iberdrola will retain 51% ownership and operate the assets, which include projects under development. These new assets are expected to come online between 2023 and 2025, highlighting a long-term commitment to the region's clean energy build-out.
Key points
- Norges Bank acquired 49% of 1265 MW portfolio.
- €600 million investment for the stake.
- Portfolio includes 7 solar, 5 onshore wind projects.
- Iberdrola retains 51% and will operate assets through 2025.
Counterparties
- Iberdrola (Buyer)