Norway Wealth Fund Enters Spanish Renewables With Iberdrola Deal
- NBIM gets stakes in solar, wind farms in €600 million purchase
- Iberdrola previously announced €4.9 billion asset-sale plan
Norges Bank Investment Management took a stake in 1.27 gigawatts of Iberdrola’s solar and onshore wind farms.
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Norway’s wealth fund entered Spain’s renewable energy market by snapping up a 49% interest in a package of assets from Iberdrola SA.
The €600 million ($650 million) purchase follows a boom year for solar generation in Spain, where abundant sunshine drives a thriving clean-energy industry. The deal reflects a gradual shift by Norway’s wealth fund, built from North Sea oil and gas riches, to expand in renewables, and a move by Iberdrola to focus more on energy networks abroad.