Iberdrola has partnered with Norway's sovereign wealth fund, managed by Norges Bank Investment Management (NBIM) to invest in 1,265 megawatts of new renewables capacity in Spain, with the potential to expand to other countries in the future.
Of the total capacity, 20 percent will come from wind and 80 percent from solar photovoltaics. Of the 1.265 megawatts of total capacity, 137 megawatts are currently operational in Castilla-La Mancha and Aragón. The rest of the projects are in development in Andalusia, Extremadura, Aragón, Castilla y León, Madrid, Murcia and Castilla La Marcha. The renewable energy portfolio will have the capacity to meet the electricity demands of more than 700,000 homes each year.
Under the agreement, the valuation of the assets in the portfolio amounts to €1.2 billion ($1.3 billion). Iberdrola, which will hold a majority 51 percent stake in the assets, will control and manage the assets, providing operations and maintenance services, as well