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Iberdrola and Norges Bank close the agreement to invest 1,225 million in renewables

Date: October 1, 2023 Time: 18:58:02

White smoke between Iberdrola and Norges Bank, which have closed the joint venture agreement announced last March for the development of a portfolio of renewable assets in Spain valued at around 1,225 million euros and which provide for the installation of 1,265 megawatts of capacity . Specifically, the electric company has officially communicated the agreement to the National Securities Market Commission (CNMV). Specifically, Iberdrola Renovables and Iberenova have reached an understanding with NBIM Iberian Reinfra, belonging to the Norwegian sovereign wealth fund, after compliance with the conditions established for the operation, conditional on NBIM Iberian obtaining the mandatory authorizations for foreign investment direct.

Of the 1,265 MW included in this portfolio of assets, 20% are wind and 80% photovoltaic. It has a majority stake of 51% in it and controls and manages the assets subject to the agreement, providing operation and maintenance services, among others. For its part, the Norwegian Norges Bank, which owns more than 3% of Iberdrola, has the remaining 49% of said portfolio, which is equivalent to around 600 million, in what has been its first direct investment in renewable assets in Spain.

Norges Bank and Iberdrola contributed their respective stakes in the companies that own the projects to a holding company that both participated in. NBIM Iberian will pay an initial amount at the close of the transaction for the shares acquired in the companies that own the projects already in operation, and the remaining price will be paid as the projects under development reach their entry into commercial operation and the shares are purchased. minority stakes thereof.

Of the 1,265 MW that make up the portfolio controlled by both companies, 137 MW are operational in Castilla-La Mancha and Aragón, while the rest is under development between Andalusia (358 MW); Extremadura (343 MW); Aragon (175 MW); Castilla y León (102 MW); Madrid (55MW); Murcia (50 MW), and Castilla-La Mancha (45 MW). This portfolio will have renewable capacity to supply energy to more than 700,000 homes each year. The agreement will not have a significant impact on the consolidated results of the Iberdrola group for the year 2023, as reported by the company when the agreement was announced.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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