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Iberdrola and Norges Bank to expand renewables in Iberia

Published by , Editorial Assistant
Energy Global,

Iberdrola and Norway's sovereign wealth fund, managed by Norges Bank Investment Management, have concluded negotiations to add an extra 644 MW of renewable energy in Spain to their Iberian clean energy alliance, with approximately 2500 MW now under development.

In January, both companies stated that they were negotiating exclusively to double the size of their previously announced partnership of nearly 1300 MW. A total of 674 MW was added initially, with the extra 644 MW now fully agreed. These additional projects will all be solar photovoltaics (PV) in Spain, located in Extremadura (328 MW, already in operation) and Castilla y León (316 MW). Both projects have power purchase agreements (PPAs) in place for part of their production.

Both companies are increasing their commitment to accelerate decarbonisation in the Iberian Peninsula, and the alliance could be expanded in the future to other countries. Iberdrola will have a majority stake of 51% in the assets.

This renewable portfolio will have the capacity to supply energy to more than 400 000 homes each year, which will mean more than 350 000 tpy of carbon dioxide avoided.



For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Spring 2024 issue

The Spring 2024 issue of Energy Global starts with a guest comment from Field on how battery storage sites can serve as a viable solution to curtailed energy, before moving on to a regional report from Théodore Reed-Martin, Editorial Assistant, Energy Global, looking at the state of renewables in Europe. This issue also hosts an array of technical articles on electrical infrastructure, turbine and blade monitoring, battery storage technology, coatings, and more.

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