The Norwegian sovereign wealth fund has agreed to pay 600 million euros for a 49% stake in Iberdrola’s 1,265 megawatt (MW) portfolio, made up of solar plants and onshore wind farms. The company led by Ignacio Sánchez Galán will continue to be co-owner – it will own the 51% that gives it the majority – and operator of the portfolio, which is valued at 1,225 million in its entirety.
The portfolio “comprises seven solar plant projects and five onshore wind projects with an installed capacity of 1,265 MW, equivalent to the annual electricity consumption of 700,000 Spanish homes,” it was explained from Oslo. Up to 137 MW are already operational, in Castilla-La Mancha and Aragón.
On the sidelines, nine projects are being developed, scheduled for completion between 2023 and 2025, he added. They are located in Andalucía (358 MW), Extremadura (343 MW), Aragón (175 MW), Castilla y León (102 MW), Madrid (55 MW), Murcia (50 MW) and Castilla La Marcha (45 MW).
Nine projects in development throughout Spain
The Norwegian sovereign wealth fund is also a shareholder of Iberdrola, with 3%. It is the largest on the planet and is managed by Norges Bank Investment Management.
Iberdrola and the fund have opened up the possibility of extending the agreement to other assets in Spain or elsewhere, the energy company explained. The operation is part of Iberdrola’s plan to sell minority stakes in renewable projects to finance its 2020-2030 plan, of 150,000 million euros, dedicated mostly to renewable energies and electricity networks.
The company seeks to accelerate its decarbonization, for which it has recently allied with BP -in green hydrogen-, Mapfre -in wind assets- or GIG -wind farms.