Iberdrola partners with Norges to add 1,300 MW renewables in Europe

Iberdrola has joined hands with Norges Bank Investment Management to add 1,300 MW renewables in the Iberian Peninsula.

The duo has pledged to double their clean energy investment to €2 billion.

This partnership aims to play a key role to accelerate decarbonization. The renewable portfolio targets 2,600 MW, mostly wind and solar, while 674 MW is already in development.

As per the companies, the partnership is expected “to supply energy to over 400,000 homes annually, reducing the emission of 350,000 tonnes of CO2 annually.”

Ignacio Galán, Iberdrola’s executive chairman, said the strategic partnership has a key role in advancing renewables in the Iberian Peninsula.

Making the announcement, he said, “Today we have expanded our clean energy alliance to advance the development of renewables in the Iberian Peninsula in a faster, more consolidated and competitive way.”

He added, “Innovative agreements like this allow us to combine our knowledge in clean energy and our financial strength with those of Norges Bank Investment Management, a truly progressive partner, building on our alliance that has been growing for many years.”

Meanwhile, Norges Bank Investment Management CEO, Nicolai Tangen, remarked, “We are really pleased to announce this new important deal with our great partner Iberdrola. It gives us more critical mass in Spain and is also our first step into Portugal.”