Norges Bank Investment Management: New investment in renewable energy infrastructure

18 January 2024

Norges Bank Investment Management has signed an agreement to acquire a 49 percent interest in a portfolio of solar plants and onshore wind farms located in Spain and Portugal.

Norges Bank Investment Management will pay 307 million euros for its 49 percent interest in the portfolio, valuing the portfolio at approximately 627 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.

– We are really pleased to announce this new important deal with our great partner Iberdrola. It expands our footprint in Spain and is also our first step into Portugal. We look forward to adding more attractive renewable infrastructure projects going forward, says CEO Nicolai Tangen at Norges Bank Investment Management.

The portfolio comprises two solar plant projects and two onshore wind projects with an installed capacity of 674 MW, equivalent to the annual electricity consumption of 350,000 Spanish households. Solar plants make up 60 percent of the portfolio, while onshore wind accounts for the remaining 40 percent.

All four projects are currently under development, expected to be completed in 2025-2026. Norges Bank Investment Management will take ownership of these when they become operational.

– The investment aligns with our long-term strategy, and we are very pleased to strengthen our partnership with Iberdrola. We look forward to working with them on these projects, says Chief Real Assets Officer Mie Holstad at Norges Bank Investment Management.

Source: Norges Bank Investment Management
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