Iberdrola, a Spain-based multinational energy company, has expanded its co-investment alliance with Norges Bank Investment Management, the asset management arm of Norway’s central bank. The expansion has included 708 MW of PV capacity in Spain through the 328 MW Ceclavín project and the 380 MW Tagus XL facility. Both sites are located in Extremadura and have raised the joint venture’s operating portfolio to 900 MW. The alliance between Iberdrola and Norges Bank, established in 2023, now consolidates a renewable portfolio of 2.5 GW across Spain and Portugal. The partnership has been supported by more than €2 billion (≈$2.36 billion) in co-investment. Iberdrola has retained a 51% stake in the new assets, consistent with earlier agreements. Earlier this year, Iberdrola has also signed a PPA with Italy’s Selex Group for 1,250 GWh of renewable electricity annually.