New investment in renewable energy infrastructure
17 January 2023
Norges Bank Investment Management has signed an agreement to acquire a 49 percent interest in a 1.3 GW portfolio of solar plants and onshore wind farms located in Spain.
The agreement was signed on 16 January 2023, with completion expected in the first quarter of 2023.
Norges Bank Investment Management will pay 600 million euros for its 49 percent interest in the portfolio, valuing the portfolio at approximately 1.2 billion euros. No external debt financing will be involved in the transaction.
The seller of the 49 percent interest is Iberdrola. Iberdrola will remain co-owner and operator of the portfolio.
The portfolio comprises seven solar plant projects and five onshore wind projects with an installed capacity of 1265 MW, equivalent to the annual electricity consumption of 700,000 Spanish households. Solar plants make up 80 percent of the portfolio, while onshore wind accounts for the remaining 20 percent.
Nine projects are currently under development, expected to be completed in 2023-2025. Norges Bank Investment Management will take ownership of these when they become operational.
Source: Norway Government Pension Fund Global
