Norges Bank Investment Management: New investment in renewable energy infrastructure
26 April 2024
Norges Bank Investment Management publishes on its website:
Norges Bank Investment Management has signed an agreement to acquire a 49 percent interest in a 644 MW portfolio of solar plants located in Spain.
The agreement was signed on 23 April 2024.
Norges Bank Investment Management [1] will pay 203 million euros for its 49 percent interest in the portfolio, valuing the portfolio at approximately 414 million 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. This is an extension of the portfolio acquired from Iberdrola in January, which comprises two solar plants and two onshore wind farms in Spain and Portugal.
The new portfolio comprises two solar plant projects with a total installed capacity of 644 MW, equivalent to the annual electricity consumption of 400,000 Spanish households. One project is currently operational, while the second is under development and expected to be completed in 2025. Norges Bank Investment Management will take ownership of the asset once it becomes operational.
[1] Norges Bank Investment Management is the fund management division of Norges Bank. All unlisted (or direct) real assets investments are made and managed by subsidiary structures set up by Norges Bank.
Source: Norges Bank Investment Management
