Iberdrola sells half of its renewable mega-portfolio in Spain to the Norwegian sovereign wealth fund

Iberdrola and the Norwegian sovereign wealth fund seal a mega-alliance in renewables.

The utility has signed the transfer to

of 49% of a portfolio of 1,265 MW (megawatts) of new green capacity in Spain, valued at 1,225 million euros.

Both partners signed the agreement on Monday, after months of negotiation.

The alliance means that

and will control and manage the assets, providing operation and maintenance services, among others, according to what the energy company has transferred this Tuesday to the National Securities Market Commission (CNMV).

The agreement has been valued by the electric company as "a strategic alliance to co-invest" in the implementation of the aforementioned megawatt package, made up of 20% wind capacity and another 80% photovoltaic capacity, located in Spain.

For its part, Norges Bank, which in turn is a shareholder of Iberdrola with more than

of the capital of the parent company of the Spanish company, will have the remaining

in said portfolio.

The operation, carried out at the time by

, is the first direct investment in renewable assets in the country and implies a disbursement by the Nordic fund of 600 million euros.

The distribution of the green mega-portfolio includes 137 MW in operation in Castilla-La Mancha and Aragón, while the rest is under development between Andalucía (358 MW), Extremadura (343 MW), Aragón (175 MW), Castilla y León (102 MW), Madrid (55 MW), Murcia (50 MW), and Castilla-La Mancha (45 MW).

This renewable capacity has the scope to

per year.

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• Articles Paula Maria