Iberdrola, Europe’s largest utility, and Norges Bank Investment Management, one of the world’s largest sovereign wealth funds, are expanding their €2 billion ($2.2 billion) renewable co-investment platform in Iberia with the 274-megawatt Tâmega wind project in Portugal.
Norges Bank Investment Management has been one of Iberdrola’s largest shareholders for more than seven years, with a stake of around 2.3 percent.
The new closing expands the portfolio of assets, which are part of a long-term strategic alliance to accelerate electrification, to more than 1,800 megawatts. The co-investment platform, which also includes the Caparacena and Ciudad Rodrigo plants in Spain, is expected to continue expanding with new renewable capacity to reach 2,300 megawatts by 2026.
