Iberdrola and Norges Bank Investment Management have expanded their Iberian renewable energy co-investment platform with the addition of the 274MW Tâmega wind project in northern Portugal.
The operation of the Tâmega facility brings the platform’s total capacity to over 1.8GW across the Iberian Peninsula.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The project will deploy 38 onshore turbines of 7.2MW each.
Total investment for the wind farm is estimated at about €350m, and expected output is roughly 601GWh per year.
Tâmega Wind marks the latest expansion for the joint venture (JV), which earlier this year added 646MW of solar photovoltaic (PV) assets through the Caparacena and Ciudad Rodrigo plants in Spain.
Both Spanish installations have been operational since the end of 2025.
Iberdrola and Norges Bank Investment Management said they plan to continue increasing renewable capacity in the coming months, with a target of reaching 2.3GW by next year.
The renewable co-investment platform is supported by an investment of over €2bn ($2.23bn).
The collaboration between Iberdrola and Norges Bank Investment Management forms part of their strategic effort to accelerate electrification across the region.
Norges Bank Investment Management manages around €2.1tn in assets and has holdings in more than 9,000 companies globally.
It has been one of Iberdrola’s major shareholders for over seven years, currently owning about 2.3% of the company’s shares.
Their partnership began with direct investment in renewable energy projects in Spain and has since expanded across Iberia.
In July 2026, Iberdrola agreed to buy Finland-based power distribution company Caruna in a transaction valuing the business at about €5bn, including debt.
Under the deal, Iberdrola will acquire 80% of Caruna’s equity for €2bn, while Nordic pension funds AMF and Elo will retain the remaining 20% stake.
Caruna is a Finnish electricity distribution network operator that manages around 89,000km of grid, with nearly two-thirds of its lines installed underground.
