Global energy and electricity provider Iberdrola and Norges Bank Investment Management (NBIM), the investment manager for Norway’s $2 trillion oil fund, announced the addition of 646 MW of solar photovoltaic capacity to their joint venture, increasing the partnership’s total operational renewable capacity across Spain and Portugal to 1,500 MW.

Iberdrola and NBIM launched the joint venture in 2023, agreeing to co-invest more than €2 billion ($2.4 billion) in renewable energy projects across Spain and Portugal, targeting a renewables portfolio of around 2,500 MW.

The newly added capacity comes from photovoltaic plants located in Granada and Salamanca, Spain. According to Iberdrola, the plants generate enough clean electricity to supply more than 800,000 people annually, while avoiding approximately 85,000 tonnes of CO₂ emissions per year.

As with previous additions to the joint venture, Iberdrola will retain a 51% majority ownership in the projects.

In a post announcing the addition of the new capacity, Iberdrola said:

“This partnership brings together two leaders in their sector: Iberdrola, Europe’s largest utility by market capitalisation, and Norges Bank Investment Management, one of the world’s largest sovereign wealth funds. Together, they are reinforcing a long-term strategic alliance that could expand into new renewable opportunities in additional markets.”