Iberdrola and Norges Bank Investment Management have reached a milestone of 1,500 megawatts of renewable energy capacity in operation through their strategic alliance. This latest achievement includes the Caparacena photovoltaic plant, with 330 megawatts, and the Ciudad Rodrigo plant, with 316 megawatts, located in Granada and Salamanca, Spain. Following the structure of their previous contributions to this long-term partnership, Iberdrola will retain a 51% majority ownership in these new assets.
With these additions, the companies continue to strengthen their co-investment partnership, which now exceeds €2 billion across Spain and Portugal. Several other assets, currently at an advanced stage of construction, are expected to join the joint venture in the near future. This alliance, established in 2023, was initially focused on accelerating electrification in the Iberian Peninsula, but it has the potential to expand into other markets.
The Caparacena and Ciudad Rodrigo plants are already generating clean energy, supplying power to more than 800,000 people annually in the regions of Granada and Salamanca. Together, these plants are helping to avoid the emission of approximately 85,000 tonnes of CO2 each year. The partnership brings together two leading players in their fields.
Norges Bank Investment Management manages assets of around €1.7 trillion and holds stakes in more than 9,000 companies worldwide, representing an average of 1.5% of all listed companies globally and 2.5% across Europe. The institution has been one of Iberdrola’s largest shareholders for over seven years, holding a stake of nearly 3%. Building on this long-standing relationship, Norges Bank Investment Management made its first direct investment in renewable energy assets in Spain through this collaboration.
By joining forces, Iberdrola, Europe’s largest utility by market capitalization, and Norges Bank Investment Management, one of the world’s largest sovereign wealth funds, are reinforcing a long-term strategic alliance. This partnership is not only advancing renewable energy in Spain and Portugal but also lays the groundwork for potential expansion into new markets and renewable opportunities in the future.
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