Norway?s sovereign wealth fund managed by Norges Bank Investment Management signed an agreement to acquire 49% stake in 644-MW solar portfolio in Spain from Iberdrola, S.A. (BME:IBE) for ?200 million on April 23, 2024. The portfolio value at approximately ?414 million. No external debt financing will be involved in the transaction.

Iberdrola will remain co-owner and operator of the portfolio. This is an extension of the portfolio acquired from Iberdrola in January, which comprises two solar plants and two onshore wind farms in Spain and Portugal. The new portfolio comprises two solar plant projects with a total installed capacity of 644 MW, equivalent to the annual electricity consumption of 400,000 Spanish households.

One project is currently operational, while the second is under development and expected to be completed in 2025. Norges Bank Investment Management will take ownership of the asset once it becomes operational.