Iberdrola, NBIM plan €2b injection into Iberian Peninsula renewables
Investors - JANUARY 19, 2024

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Iberdrola, NBIM plan €2b injection into Iberian Peninsula renewables

by Kali Persall

Iberdrola and Norges Bank Investment Management (NBIM), which manages Norway’s sovereign wealth fund, are doubling their clean energy-investment alliance, with more than €2 billion ($2.2 billion) renewable-energy investments planned in Spain and Portugal throughout the next three years.

The companies incorporate an additional 1,300 megawatts of additional renewable-energy capacity in the Iberian Peninsula, to reach 2,600 megawatts. Currently, 674 megawatts of new wind and solar capacity in the development stage, representing €627 million ($694 million), are being added to the alliance, with the rest to be included in the coming months. Final negotiations on exclusivity also are taking place on an additional 643.5 megawatts of operational and under-development solar PV capacity.

This renewable portfolio will have the capacity to supply energy to more than 400,000 homes each year, avoiding more than 350,000 tonnes of carbon-dioxide emissions per year.


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