Norway’s wealth fund and Iberdrola target 1.2GW Spanish renewables

Iberdrola has joined forces with Norway’s sovereign wealth fund (Government Pension Fund Global) to invest in 1.26GW of new renewable energy capacity in Spain – a fifth of which, or about 250MW, will be wind.

The remainder (about 80%) of the portfolio will consist of solar PV.

Iberdrola will hold a majority 51% stake in the assets, and will control and manage the assets, and provide operations and maintenance services.

The partners value the portfolio at approximately €1.2 billion.

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