The collaboration between Iberdrola and Norges Bank Investment Management has taken a significant new step. With the incorporation of the solar plants plants in Caparacena (330 MW) and Ciudad Rodrigo (316 MW), the joint venture has reached an installed renewable capacity of 1,500 MW in operation.
Impact of solar plants in Spain
These two facilities, located in Granada and Salamanca, are already supplying clean energy enough to supply more than 800,000 people and avoid the annual emission of some 85,000 tons of CO2. Iberdrola, which holds a 51% stake in these assets, is leading the management of the projects within the co-investment framework signed with the Norwegian sovereign wealth fund.
The alliance, formalized in 2023, contemplates a joint investment of more than 2 billion euros and a target portfolio of 2,500 MW focused on renewable energy in the Iberian Peninsula. However, the possibility of extending its geographical scope to other markets is already being considered.
Solar energy as the backbone of the energy transition
The Caparacena and Ciudad Rodrigo plants strengthen plants reinforce the commitment of both entities to the energy transition in Spain. These are high-efficiency projects connected to the grid, which contribute to both decarbonization and local economic development.
Norges Bank Investment Management, which manages assets valued at 1.7 trillion euros and has a presence in more than 9,000 listed companies, chose Iberdrola as its partner to make its debut in direct investments in renewable energy in the country. The close to 3% stake it holds in the Spanish electricity company reinforces this long-term partnership.
In addition to the 1,500 MW already in operation, Iberdrola plans to incorporate new assets currently at an advanced stage of development. These future additions will continue to strengthen the joint roadmap of sustainable growth and electrification, with solar energy as a key pillar.
Source and photo: Iberdrola