Iberdrola and Norges Bank Investment Management have integrated the first 50 MW of solar photovoltaic (PV) capacity from their ongoing 2,500 MW renewables partnership. The newly commissioned Peñarrubia project in Murcia marks the first solar asset contributing to this €2 billion alliance focused on decarbonizing energy production in Spain and Portugal.
With the addition of Peñarrubia, which supplies clean energy to over 25,000 homes annually and prevents the emission of 15,000 tons of CO2, the joint venture’s operational capacity now approaches 200 MW. Several additional projects are progressing toward completion and will soon join the portfolio.
Established in 2023, this strategic collaboration between Iberdrola and Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, aims to deliver renewable energy to more than 400,000 households each year, cutting CO2 emissions by 350,000 tons annually. Iberdrola holds a 51% stake in the venture.
Norges Bank Investment Management, a long-time Iberdrola shareholder with assets totaling €1.4 trillion, views this as a strategic move to deepen its renewable investments. The partnership may expand into other markets as the firms explore future renewable energy opportunities globally.
Iberdrola’s push for decarbonization includes multiple global alliances and investments, such as green hydrogen projects, offshore wind developments, and strategic partnerships with BP, Masdar, and MAPFRE. Notable ventures include the acquisition of ENW in the UK, a green hydrogen initiative with BP, and large-scale transmission projects in Brazil with GIC.
