Iberdrola and Norges Bank Investment Management have expanded their €2 billion renewable co-investment platform in Iberia with the Tâmega wind project in Portugal.

The portfolio included the renewable co-investment alliance between Iberdrola and Norges Bank Investment Management’s surpasses 1800 MW of total capacity after the incorporation of an additional 274 MW, corresponding to Tâmega wind project, located in northern Portugal and already in commercial operation.

Tâmega Wind builds on the alliance’s rapid expansion, following the incorporation earlier this year of 646 MW of solar photovoltaic (PV) capacity to the joint venture, corresponding to the solar PV projects of Caparacena and Ciudad Rodrigo, in operation since the end of 2025.

The alliance is expected to continue expanding with additional renewable capacity, targeting to reach 2300 MW already by 2027. This is part of Iberdrola and Norges Bank Investment Management’s long-term strategic alliance to accelerate electrification, backed by more than €2 billion of investment.

Norges Bank Investment Management has assets under management of around €2.1 trillion and stakes in more than 9000 companies worldwide, averaging 1.5% of all listed companies globally and 2.5% across Europe.

Norges Bank Investment Management has been one of Iberdrola’s largest shareholders for more than seven years, with a stake of around to 2.3 %. Building on this longstanding relationship, Norges Bank Investment Management joined forces with Iberdrola to make its first direct investment in renewable assets in Spain.

This partnership is reinforcing a long-term strategic alliance that could expand into new renewable opportunities in additional markets.

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