Iberdrola and Norges Bank Investment Management incorporate the first 50MW of solar photovoltaic into their alliance

The Peñarrubia solar PV plant is located Murcia, with a total capacity of 50MW.

This new plant reinforces the strategic alliance of more than €2 billion of co-investment in Spain and Portugal. Including Peñarrubia, the operational capacity in the joint venture now reaches nearly 200MW. Other assets currently at an advanced stage of construction are expected to be added to the joint venture in the short term.

Norges Bank Investment Management and Iberdrola are preferred partners, and have been working together since 2023 to accelerate decarbonisation in Iberia, an alliance that could be extended to additional markets in the future. Iberdrola has a majority stake of 51% in the assets.

The total 2,500MW renewables portfolio being delivered by the alliance will have the capacity to supply energy to more than 400,000 homes each year, avoiding the emission of 350,000 tons of CO₂ per year.

The Peñarrubia project, located between Yecla and Jumilla, already produces clean energy to supply more than 25,000 homes a year and contributes to avoiding the emission of 15,000 tons of CO₂.

Norges Bank Investment Management, which manages Norway’s sovereign wealth fund, has assets under management of around €1.4 trillion and stakes in more than 9,000 companies. It owns on average 1.4% of all listed companies in the world and 2.5% of all listed companies in Europe.

As one of Iberdrola’s main shareholders, Norges Bank Investment Management has retained a stake of 3% for more than seven years. This long-term relationship helped Norges Bank Investment Management take the decision to make its first direct investment in renewable assets in Spain with Iberdrola, the largest European electricity company by capitalisation.

The strong alliance, between two preferred partners, could be extended in the future to include additional renewable energy opportunities in more countries.