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					</table><p>Spain-based independent power producer <a href="https://www.iberdrola.com/home" target="_blank" rel="noopener">Iberdrola</a> and the sovereign fund of Norway, managed by <a href="https://www.nbim.no/" target="_blank" rel="noopener">Norges Bank Investment Management</a>, have committed to a joint investment of €1.2 billion (~$1.3 billion) to develop 1,265 MW of new renewable energy capacity in Spain.</p>
<p>The collaborative effort will comprise 20% wind and 80% solar power installations.</p>
<p>Currently, 137 MW of the total capacity is already operational in Castilla-La Mancha and Aragon, while the remaining projects are in various stages of development.</p>
<p>The upcoming projects will be spread across different regions of Spain, including Andalusia (358 MW), Extremadura (343 MW), Aragon (175 MW), Castilla y León (102 MW), Madrid (55 MW), Murcia (50 MW), and Castilla La Mancha (45 MW).</p>
<p>Upon completion, this portfolio of renewable energy projects will generate electricity equivalent to the annual consumption of more than 700,000 households.</p>
<p>Iberdrola will maintain a majority stake of 51% in renewable energy assets. It will be responsible for controlling and managing the assets, providing essential services such as operation and maintenance, and other corporate support.</p>
<p>The companies also have plans to expand their alliance by adding over 500 MW of renewable energy projects in the Iberian Peninsula.</p>
<p>Iberdrola has an existing capacity of nearly 19.5 GW in Spain. The company plans to expand its renewable energy portfolio by constructing an additional 4.1 GW before 2025.</p>
<p>Moreover, Iberdrola aims to invest an extra €6 billion (~$6.4 billion) in Spain by the end of 2025, contributing to the growth of its supply chain and creating additional jobs. As of September, Iberdrola&#8217;s global assets reached a significant value of €170 billion (~$181 billion).</p>
<p>Norges Bank Investment Management holds a stake of over 3% in Iberdrola and has been a key shareholder for over seven years.</p>
<p>Recently, Iberdrola <a href="https://mercomindia.com/project-finance-brief-iberdrola-receives-160-million/" target="_blank" rel="noopener">received</a>  €150 million (~$159 million) million) green loan agreement from the European Investment Bank to develop a portfolio of renewable energy projects in Italy.</p>
<p>Last November, Iberdrola <a href="https://mercomindia.com/daily-news-wrap-up-iberdrola-announces/" target="_blank" rel="noopener">announced</a> an investment plan of €47 billion ($50 billion) for energy transition between 2023 and 2025. Of this, €17 billion ($19 billion) will be invested in renewables to deliver 52 GW of installed capacity by 2025.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Iberdrola, Norges Bank Ink $1.3 Billion Deal to Develop 1.26 GW Renewables

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