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Iberdrola and NBIM Expand Spanish Solar Portfolio by 644 MW Under 51/49 Iberian Pact

Norges Bank Investment Management (NBIM), which manages Norway’s sovereign wealth fund, has agreed to acquire a 49% stake in a 644-MW solar portfolio in Spain from Spanish utility Iberdrola SA.

NBIM said on Thursday that it will pay EUR 203 million (USD 217.7m) for its stake without borrowing money from external sources. The entire portfolio is valued at around EUR 414 million.

The portfolio consists of two assets -- one operational solar farm of 328 MW located in the Spanish region of Extremadura, and a 316-MW solar project in Castile and Leon. Both of these assets have power purchase agreements (PPAs) in place, Iberdrola said in a separate announcement.

The Spanish utility will own the remaining 51% stake and continue to operate the portfolio.

The new stake purchase by NBIM is a continuation of the deal it struck with Iberdrola in January 2024. At the time, NBIM agreed to buy 49% interest in a 674-MW wind and solar portfolio of developing projects located in Spain and Portugal.

Combined with a 49/51 partnership finalised in May 2023, NBIM and Iberdrola have grown the size of their jointly owned Iberian wind and solar portfolio to roughly 2,600 MW.


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