Spanish energy group Iberdrola will deploy 1,300 MW new renewable energy capacity in the Iberian Peninsula as the company doubles its clean energy investment alliance with the Norwegian sovereign wealth fund. The fund is managed by Norges Bank Investment Management. 

This joint global investment will unlock over €2 billion joint investment over the next 3 years, stated Iberdrola. 

The company counts 674 MW of new renewable energy capacity currently in the development stage across the peninsula, comprising 40% wind and 60% solar PV projects. Remaining projects are to be included in the coming months to reach a total capacity of 2.6 GW. Iberdrola will hold a majority stake in the projects. 

It is an expansion of their original alliance announced in May 2023 to co-invest in 1.265 GW wind and solar PV capacity in Spain, with plans to expand by 500 MW in the Iberian Peninsula. 

The duo is in final negotiations to include an additional 643.5 MW of operational and under development solar PV capacity to the alliance. Norges said this deal marks its foray into Portugal. Together, they may consider expanding the partnership to other geographies. 

“Today we have expanded our clean energy alliance to advance the development of renewables in the Iberian Peninsula in a faster, more consolidated and competitive way,” said Iberdrola’s Executive Chairman Ignacio Galán while announcing the agreement at the World Economic Forum in Davos. 

Recently, Iberdrola raised €300 million from the World Bank for renewable energy in fossil fuel dependent nations such as Morocco, Poland and Vietnam (see World Bank Finance For Iberdrola’s Renewables Plans).