Iberdrola, in partnership with Norway’s sovereign wealth fund managed by Norges Bank Investment Management, has successfully integrated the first 50 MW of solar photovoltaics (PV) into their €2 billion renewable energy investment alliance. The new Peñarrubia solar PV plant, located in Murcia, Spain, further strengthens their strategic alliance aimed at promoting renewable energy in Spain and Portugal.
With the addition of Peñarrubia, the operational capacity of this joint venture now reaches nearly 200 MW. The alliance includes plans for further investments, as other assets are currently at an advanced stage of construction and are expected to be incorporated shortly.
Norges Bank Investment Management and Iberdrola have established a collaborative relationship since 2023, focusing on accelerating decarbonization efforts across the Iberian Peninsula. Iberdrola holds a majority stake of 51% in the assets within this partnership.
The overarching goal of the alliance is to deliver a 2,500 MW renewable portfolio, which will provide energy to over 400,000 homes annually while preventing the emission of approximately 350,000 tons of CO2 each year. The Peñarrubia project alone is already generating clean energy sufficient to power more than 25,000 homes and is expected to help avoid the emission of 15,000 tons of CO2.
Suggested Sources
- [Iberdrola Official Website]
- [Norges Bank Investment Management]
- [Spanish Renewable Energy Association]
