Iberdrola has signed a strategic alliance with the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management, to co-invest in 1,265 MW of new renewable capacity in Spain (20% wind and 80% photovoltaic). In this way, the Norwegian sovereign wealth fund will pay around 600 million euros for its 49% stake in the asset portfolio, which values 100% of the portfolio at around 1,225 million euros. Iberdrola will have a 51% majority stake in the assets, which it will also control and manage, providing operation and maintenance services and other corporate services.The two companies are joining forces to accelerate decarbonization in Spain, an agreement that could be extended to other countries in the future, according to the energy group. Of the 1,265 MW, 137 MW are operational - in Castilla-La Mancha and Aragón; while the rest are under development, distributed among 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). This renewable portfolio will have the capacity to supply energy to more than 700,000 homes each year.Baker McKenzie and Barclays advised Iberdrola on this transaction, while Clifford Chance advised Norges Bank. 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.As a result of this relationship, Norges Bank Investment Management has decided to make its first direct investment in renewable assets in Spain with Iberdrola, Europe's largest electricity company by capitalization. "Iberdrola and Norges Bank Investment Management thus create a solid alliance between two preferred partners whose commitment could be extended to additional renewable opportunities in other geographies," said the company chaired by Ignacio Galán.In the last three years, the energy group has signed several long-term alliances to boost the decarbonization of the economy. Recently, 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.Before the pandemic, Iberdrola joined GIG in its East Anglia One offshore wind farm, with 40% of the facility. This transaction therefore meant the entry of a new partner in this renewable facility, in which Iberdrola has maintained a majority stake of 60%.Iberdrola reaffirms its commitment to the energy transition in Spain, with some 19,500 MW at the close of the third quarter of 2022, to which must be added its network and storage assets. In addition, the company plans to invest an additional 6 billion euros in Spain until 2025, further increasing the 85,000 jobs it currently supports in its supply chain. Iberdrola's assets amounted to 170 billion euros worldwide as of September.