Iberdrola has expanded its co-investment alliance with Norway's sovereign wealth fund, managed by Norges Bank Investment Management, through the addition of 708MW of renewable capacity from two photovoltaic projects in Extremadura, Spain.
The expansion includes the photovoltaic installations of 328MW Ceclavin and 380MW Tagus XL.
As with the previous portfolio additions, Iberdrola will maintain a majority stake of 51% in these assets.
The new agreement bolsters the alliance for a 2.5 gigawatt renewable energy portfolio, along with more than €2bn ($2.34bn) in co-investment in Spain and Portugal.
Following this agreement, operating capacity in the joint venture increased four-fold, reaching 900MW.
The joint venture, established in 2023, aims to accelerate electrification in Iberia and other potential regions.
The Ceclavin and Tagus XL projects currently supply clean energy to more than 885,000 people annually in Extremadura, helping to avoid the emission of 100,000 tonnes of CO₂.
Norges Bank Investment Management manages €1.7tn in assets and holds stakes in more than 9,000 companies.
It owns an average of 1.5% of all listed companies globally and 2.5% in Europe.
Norges 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 a power purchase agreement with Italian grocery retail group Selex Gruppo Commerciale (Selex Group) for a total of 1,250 gigawatt hours of clean energy.
