Iberdrola and the Norwegian sovereign fund, managed by Norges Bank Investment Management, have announced this Wednesday a co-investment of more than 2,000 million euros in Spain and Portugal over the next three years, as reported by the president of Iberdrola, Ignacio Sánchez Galán, this Wednesday from the World Economic Forum being held in Davos.
The companies are incorporating more than 1,300 additional renewable megawatts (MW) – 674 MW are registered now and the rest will be included in the coming months – to their agreement signed last year, reaching 2,600 MW.
Of the new capacity – the 674 MW renewable -, 40% are wind and 60% are photovoltaic in the Iberian Peninsula. In addition, the alliance will have an additional 643.5 MW of solar operational and under development exclusively. As in previous agreements, Iberdrola will have a majority percentage of 51% in the assets.
“Today we sign a global alliance to advance further in the development of renewables in the Iberian Peninsula in a faster, more consolidated and competitive way. “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,” said the president.
Under the terms of the agreement, the valuation of 100% of the 674 MW that are being incorporated now amounts to 627 million euros, without including extra margins for asset management, provision of operation and maintenance services, as well as other corporate services. .
Both companies have expressed their intention to continue advancing in this type of agreements that focus on the development of renewable energies, with which Iberdrola obtains liquidity to finance its projects and the Norwegian fund has a presence in countries where it did not have it until now.
Nicolai Tangen, CEO of Norges Bank Investment Management, expressed this line. “We are very happy to announce this new and important agreement with our great partner Iberdrola. It expands our presence in Spain and is also our first step towards Portugal. We look forward to adding more attractive renewable infrastructure projects in the future.”
This renewable portfolio will have the capacity to supply energy to more than 400,000 homes each year, which will mean more than 350,000 tons of CO2 avoided per year.
