Norway’s sovereign wealth fund will invest in Iberdrola’s 1.2GW renewables portfolio as projects come online.
Iberdrola will retain a 51% stake in the portfolio – of which 20% is wind and 80% is solar – while Norges Bank Investment Management will hold the remaining 49%.
The portfolio includes 137MW of already operational projects, while the remainder is under development across the country.
Iberdrola and Norges Bank stated that they could extend their alliance to other markets in the future, including with a further 500MW of renewables capacity in the Iberian peninsula.
Spanish energy giant Iberdrola will control and manage the assets, and provide operations and maintenance services and other corporate services for them.