Spanish electric utility company Iberdrola and Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, have together launched their first 50 MW solar plant within a €2bn renewable energy investment partnership.
The Peñarrubia solar PV plant in Murcia raises the alliance’s operating capacity to nearly 200 MW, with more projects underway.
Formed in 2023 to drive decarbonisation in Iberia, the partnership could expand internationally, with Iberdrola holding a 51% stake.
Together, they aim to deliver 2,500 MW of renewable energy, potentially supplying over 400,000 homes and avoiding 350,000 tons of CO₂ annually.
Norges Bank, a long-time Iberdrola investor, manages €1.4 trillion in assets globally. Their shared venture marks Norges Bank’s first direct renewable energy investment in Spain.
Iberdrola’s strategic growth includes key decarbonisation projects with various partners, such as:
- A 25 MW green hydrogen plant with BP in Spain.
- A €15bn offshore wind investment with Masdar across Europe and the U.S.
- A 1,265 MW alliance with Norges Bank, extended to 2,500 MW.
Additional partnerships support offshore wind, green hydrogen, EV infrastructure, and grid expansion, with Iberdrola furthering renewable efforts in the UK, Brazil, and beyond.
Spain Energy Week marks the leadup to Solar & Storage Live Barcelona, taking place 13-14 November. Haven’t registered yet? Don’t miss out on your free ticket by securing your place here.
