Iberdrola, NBIM add 50 MW of fresh solar to Iberian JV

Spanish utility Iberdrola SA (BME:IBE) and Norway’s Norges Bank Investment Management (NBIM) have added a 50-MW solar farm to their joint venture (JV) spanning Spain and Portugal.

The Penarrubia solar farm, located in the Spanish region of Murcia, is up and running and is the first plant to be commissioned as part of the Iberdrola-NBIM alliance, the utility said on Thursday.

The partners are co-investing more than EUR 2 billion (USD 2.17bn) in renewables across the Iberian Peninsula, targeting some 2,500 MW as the JV.

Under the arrangement, which began in 2023 and continued with additional deals this year, Iberdrola will have a 51% stake and operational control of the joint assets. NBIM, the manager of Norway’s sovereign wealth fund and Iberdrola’s shareholder, will own a 49% interest.

With Penarrubia, the operational capacity held by the JV has reached nearly 200 MW. Other projects are currently at an advanced stage of construction and are expected to be turned over to the JV shortly, Iberdrola said.

(EUR 1.0 = USD 1.086)

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