Iberdrola to offer 49% in 1,265-MW Spanish portfolio to Norges Bank

• Spanish utility group Iberdrola SA (BME: IBE) said on Tuesday that it has actually signed an agreement to offer a 49% stake in its 1,265-MW wind as well as solar portfolio in Spain to Norges Bank Investment Management (NBIM), the supervisor of Norway's sovereign wealth fund.

The portfolio is valued at EUR 1.225 billion (USD 1.325 bn), causing NBIM needing to spend around EUR 600 million to take the 49% stake.

Iberdrola will certainly by selling interests in several project vehicles holding the assets, 137 MW of which are functional nuclear power plant with the remaining 1,128 MW being plans in advancement in various parts of Spain. The portfolio is 20% onshore wind as well as 80% solar PV, Iberdrola claimed.

The utility will have a 51% stake, control and manage the assets, provide operation and also maintenance and various other business services related to the projects.

Under their agreement, Iberdrola as well as NBIM will initially focus on Spain, yet might extend their collaboration to various other countries in the future.

For NBIM, which is also an investor of Iberdrola with a 3.36% stake, this would certainly be its initial direct investment in renewable resource assets in Spain. The purchase will shut as soon as the Norwegian customer receives Spain's authorization for making an international direct investment, Iberdrola said.