Iberdrola has strengthened its long-term co-investment alliance with Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, by adding 708 MW of new solar capacity to their joint venture. The addition includes the Ceclavín photovoltaic plant (328 MW), operational since 2021, and Tagus XL (380 MW), which began operating earlier this year, both located in Extremadura, Spain.
With this agreement, the joint venture’s operating capacity reaches nearly 900 MW, more than quadrupling since its creation in 2023. Iberdrola will retain a 51% majority stake in these assets.
The co-investment partnership now represents over €2 billion and a renewable portfolio of 2,500 MW across Spain and Portugal, with more projects under construction expected to be added soon. Together, Ceclavín and Tagus XL produce clean energy for more than 885,000 people annually while avoiding 100,000 tonnes of CO₂ emissions.
Norges Bank Investment Management, with €1.7 trillion in assets under management and shareholdings in more than 9,000 companies worldwide, has been one of Iberdrola’s major shareholders for over seven years. This collaboration marks its first direct investment in renewable energy assets in Spain.
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