Norwegian Sovereign Fund to Invest in 1,265 MW RE Capacity of Iberdrola
- According to the terms of the agreement, the assessment of 100% of the assets in the portfolio amounts to roughly EUR 1.2 billion.
- Iberdrola will certainly have a majority stake of 51% in the assets and Norwegian fund will have the rest 49%.
Iberdrola has stated that the Spanish multinational utility has actually entered into an alliance with Norway's sovereign wide range fund, to invest in 1,265 MW of new renewables capacity in Spain. According to the terms of the agreement, the evaluation of 100% of the assets in the portfolio amounts to approximately EUR 1.2 billion.
The Norwegian fund is taken care of by Norges Bank Investment Management. Iberdrola notified in its official statement that of the total capacity, 20% will originate from wind as well as 80% from solar PV. Iberdrola will certainly have a majority stake of 51% in the assets and Norwegian fund will certainly have the remainder 49%.
Iberdrola will certainly regulate and also handle the assets, offering procedures and maintenance solutions, as well as various other corporate services. Iberdrola claimed that both companies are signing up with forces to speed up decarbonization in Spain at first and also the agreement could be extended to other countries in the future.
Of the 1,265 MW total capacity, currently 137 MW are operational in Castilla-La Mancha and also Aragón. The remainder are being established in Andalusia (358 MW), Extremadura (343 MW), Aragón (175 MW), Castilla y León (102 MW), Madrid (55 MW), Murcia (50 MW) and Castilla La Marcha (45 MW).
Iberdrola claimed that the renewable resource portfolio will have the capacity to meet the electrical power demands of greater than 700,000 households yearly.
Norges Bank Investment Management, which manages Norway's sovereign riches fund, has around EUR1.4 trillion of assets under management as well as is the largest single investor in global equities. It has stakes in more than 9,000 companies.
The management is likewise one of major investors in Iberdrola, keeping a stake of more than 3% for over seven years. Structure on this longstanding connection, Norges Bank Investment Management has actually taken the decision to make its first direct investment in renewables assets in Spain, developing a partnership with the leading European electrical energy company by capitalization.