Iberdrola and Norges Bank Investment Management have brought a combined 1,500 megawatts (MW) of renewable energy capacity into operation through their strategic partnership, marking a key milestone in their growing alliance.
The latest additions include the Caparacena photovoltaic plant (330 MW) in Granada and the Ciudad Rodrigo facility (316 MW) in Salamanca, both located in Spain. As with previous contributions to the long-term co-investment partnership, Iberdrola will retain a 51% majority stake in the assets.
The new capacity further strengthens the partners’ co-investment programme in Spain and Portugal, which now exceeds €2 billion. Additional projects currently at an advanced stage of construction are expected to be transferred to the joint venture in the near term. The platform, established in 2023, was initially focused on accelerating electrification across the Iberian Peninsula, with potential to expand into other markets.
Together, the Caparacena and Ciudad Rodrigo plants generate enough clean electricity to supply more than 800,000 people annually in the regions of Granada and Salamanca, while helping to avoid around 85,000 tonnes of CO₂ emissions each year.
Norges Bank Investment Management manages assets of approximately €1.7 trillion and holds stakes in more than 9,000 companies globally, representing about 1.5% of all listed companies worldwide and 2.5% across Europe. It has been one of Iberdrola’s largest shareholders for over seven years, with a stake close to 3%.
Building on this long-standing relationship, the investor partnered with Iberdrola to make its first direct investment in renewable assets in Spain. The collaboration brings together Europe’s largest utility by market capitalisation and one of the world’s biggest sovereign wealth fund managers, reinforcing a strategic alliance that could unlock further renewable energy opportunities in new geographies.
