Spain headquartered Iberdrola and Norges Bank Investment Management have an alliance that has reached 1,500 MW of installed renewable capacity in operation.  The joint venture incorporated 646 MW of solar photovoltaic capacity from the Caparacena plant in Granada and the Ciudad Rodrigo plant in Salamanca. Both plants have been in operation since the end of last year. The long-term strategic alliance aims to accelerate electrification with planned investment of more than €2 billion (~$ 2.36 billion) and renewable portfolio of 2,500 MW in Spain and Portugal. Assets currently under construction are expected to be incorporated soon, with an initial focus on the Iberian Peninsula and potential expansion to other regions.