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    Iberdrola sells 500 MW of renewable projects in Portugal and Spain to Norges Bank

    May 31, 2023 - CE Noticias Financieras


      Iberdrola has decided to strengthen its alliance with Norwegian sovereign wealth fund Norges Bank Investment Management with the sale of 49% of a 500 MW portfolio of renewable assets in Portugal and Spain for 250 million euros. Together, the two companies now have a total of 1.8 GW valued at 1,800 million euros, advances this Wednesday the Spanish newspaper Cindo Días.

      This new sale extends the agreement signed in January between the Spanish energy giant and the Norwegian fund, which provided for the sale of 49% of a portfolio of 1.2 GW of renewable projects for 600 million euros. A further 500 MW are now being shared between the two countries in the Iberian Peninsula. In total, Norges Bank Investment Management has already invested 850 million in its partnership with Iberdrola, of which it holds 3.11% as a shareholder.

      Called Project Romeo, Iberdrola's sale of a minority stake in renewable projects in Spain (in January) was one of the most competitive so far, in 2023, Norges has managed to come out on top against offers made by the consortium formed by Arcelor, CIP and Greancoat.

      Read also Iberdrola and Prosolia put 850 million in solar energy. Investment includes Santiago do Cacém Of the 1,226 MW sold at the beginning of the year, 20% are wind and 80% solar. Of these, 137 MW are already in operation and 1,128 MW are under development. In Spain Iberdrola has 19,500 MW of renewables intalled, with the goal of building another 4,100 MW by 2025.

      Right when it announced the deal with the Norwegian sovereign wealth fund Iberdrola clarified that this was not a simple sale, but a long-term alliance to invest in renewables, writes Cinco Dias. Also Read Finerge buys five wind farms from Onex Renewables, which acquired them from EDP for 548 million Iberdrola sells 49% of renewables portfolio to Norges Bank for 600 million


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