The Spanish utility Iberdrola has sealed a strategic alliance with the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management, to jointly invest in 1,265 MW of new renewable capacity in Spain, of which 20% is wind power and 80% photovoltaic. The project will have the capacity to supply power to more than 700,000 homes each year.
Both companies come together to accelerate decarbonization in Spain, an agreement that could be extended in the future to other countries, as reported by the energy group. Iberdrola will have a majority percentage of 51% in the assets and in accordance with the terms of the operation, the valuation of 100% of this portfolio of assets amounts to around 1,225 million euros.
Likewise, Iberdrola will control and manage the assets, providing operation and maintenance services and other corporate services. Of the 1,265 MW, 137 MW are operational -in Castilla-La Mancha and Aragón-; while the rest is under development, distributed between Andalucía (358 MW), Extremadura (343 MW), Aragón (175 MW), Castilla y León (102 MW), Madrid (55 MW), Murcia (50 MW) and Castilla The March (45 MW).
The agreement contemplates the acquisition by NBIM Iberian, a group company headed by Norges Bank, of a 49% stake in the capital of various Iberdrola group companies that own onshore wind and photovoltaic solar projects in Spain. Norges Bank and Iberdrola will contribute their respective stakes in the companies that own the projects to a holding company participated by both.
NBIM Iberian will pay an initial amount at the close of the operation for the stakes acquired in the companies of the projects already in operation and the remaining price will be paid as the projects under development reach their entry into exploitation, as commercial and minority interests thereof. . The operation is conditional on NBIM Iberian obtaining the mandatory authorizations for foreign direct investment.
In the last three years, Iberdrola has signed various alliances. Among them, the one signed with BP for the use of recharging infrastructures and the production of green hydrogen in Spain and Portugal. Months ago, it built an alliance with Energy Infrastructure Partners to co-invest in the Wikinger offshore wind farm and in 2021 it incorporated Mapfre as a partner in an agreement that includes co-investment in a 295 MW portfolio of wind assets.
It also joined GIG in its East Anglia One offshore wind farm with 40% of the installation. Iberdrola added 19,500 MW renewals at the end of the third quarter of 2022, to which must be added its network and storage assets. The company plans to invest an additional 6,000 million in Spain until 2025 and in September its assets worldwide reached 170,000 million.