Iberdrola has expanded its co-investment alliance with Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, through the addition of 708 MW of renewable capacity from two photovoltaic projects in Extremadura, Spain. The expansion includes the photovoltaic installations 328 MW Ceclavin and 380 MW Tagus XL plants. As with the previous portfolio additions, Iberdrola will maintain a majority stake of 51% in these assets. Following this agreement, operating capacity of the joint venture increased four-fold, reaching 900 MW.
The JV, established in 2023, aims to accelerate electrification in Iberia and potentially in other regions.
Norges Bank Investment Management arm manages €1.7 trillion in assets and holds stakes in more than 9000 companies. It has has been a significant shareholder in Iberdrola for more than seven years, holding an almost 3% stake. Strengthening this partnership, Norges has collaborated with Iberdrola to make its inaugural direct investment in renewable energy assets in Spain.
In August 2025, Iberdrola entered into a power purchase agreement with Italian retail group Selex for a total of 1,250 GWh of clean energy.
