Iberdrola and Norges Bank Investment Management have teamed up to invest over €2bn in wind and solar projects in Spain and Portugal in the next three years.
The pair are planning to develop 1.3GW of renewables projects in the Iberian peninsula in a 51:49 joint venture, in which Iberdrola holds the 51% stake. More than 1GW of this capacity will be in solar projects, with around 270MW of wind.
The companies also said the cooperation could be expanded out of Iberia in due course.
Ignacio Galán, president at Iberdrola, said: “We believe that agreements of this type allow us to combine our knowledge of clean energy and financial strength with that of Norges Bank Investment Management, a leading partner, with whom we have been working for several years.”
Nicolai Tangen, chief executive at Norges Bank Investment Management, said the deal gives it “more critical mass in Spain and is also our first step towards Portugal”. He added: “We look forward to adding more attractive renewable infrastructure projects in the future.”