Iberdrola announced on Tuesday the sale of 49% of its renewable subsidiary to the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management. With this agreement, they commit to invest in 1,265 megawatts (MW) of new renewable capacity in Spain - 20% wind and 80% photovoltaic. The valuation of 100% of this portfolio of assets amounts to approximately 1,225 million euros.
Iberdrola will hold a 51% majority stake in the assets, while controlling and managing the assets, providing operation and maintenance services and other corporate services. This renewable portfolio will have the capacity to supply power to more than 700,000 homes each year.
Norges Bank Investment Management, which manages Norway's sovereign wealth fund, has assets under management of about 1.4 trillion euros and stakes in more than 9,000 companies. It holds on average 1.4% of all listed companies worldwide and 2.5% of all listed companies in Europe. Norges Bank Investment Management is also one of Iberdrola's main shareholders, with a stake of more than 3% for more than seven years.
Over the past three years, the energy group has signed several long-term partnerships to drive the decarbonization of the economy. In late July, Iberdrola and BP reached an agreement to accelerate the deployment of refueling infrastructure and the production of green hydrogen in Spain and Portugal. In addition, a few months ago the company signed an alliance with Energy Infrastructure Partners to co-invest in the Wikinger offshore wind farm and boost its offshore wind portfolio. In 2021, it also incorporated Mapfre as a partner in an agreement that includes, among other aspects, co-investment in a 295 MW wind asset portfolio.
Prior to the pandemic, Iberdrola joined GIG in its East Anglia One offshore wind farm with 40% of the facility. This transaction therefore marked the entry of a new partner in this renewable facility, in which Iberdrola has held a majority stake of 60%.
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