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

January 17 (Renewables Now) - Spanish utility group Iberdrola SA (BME:IBE) said on Tuesday that it has signed an agreement to sell a 49% stake in its 1,265-MW wind and solar portfolio in Spain to Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund.

The portfolio is valued at EUR 1.225 billion (USD 1.325bn), resulting in NBIM having to invest around EUR 600 million to take the 49% stake.

Iberdrola will be selling interests in several project vehicles holding the assets, 137 MW of which are operational power plants with the remaining 1,128 MW being schemes in development in various parts of Spain. The portfolio is 20% onshore wind and 80% solar PV, Iberdrola said.

The utility will have a 51% stake, control and manage the assets, provide operation and maintenance and other corporate services associated with the projects.

Under their agreement, Iberdrola and NBIM will initially focus on Spain, but could extend their partnership to other countries in the future.

For NBIM, which is also a shareholder of Iberdrola with a 3.36% stake, this would be its first direct investment in renewable energy assets in Spain. The transaction will close once the Norwegian buyer receives Spain’s approval for making a foreign direct investment, Iberdrola said.

(EUR 1.0 = USD 1.082)