Iberdrola and Norges Bank expand RE capacity in Iberia

Iberdrola and Norges Bank Investment Management have finalized negotiations to expand their alliance, bringing the total renewable energy capacity in Iberia to approximately 2,500 MW. This additional 644 MW adds to their existing partnership, which now represents a joint investment exceeding €2 billion. The newly agreed-upon projects will primarily focus on solar PV installations in Spain, with locations in Extremadura and Castilla y León. With a majority stake of 51% in the assets, Iberdrola is taking a leading role in driving renewable energy development in Iberia. The renewable portfolio resulting from this partnership will have the capacity to power over 4 million homes annually, leading to the avoidance of more than 350,000 tons of CO2 emissions per year.