Norwegian oil fund buys near half stake of Iberdrola portfolio
The Spanish power company’s domestic wind and solar portfolio gets a new co-owner in the form of the Norwegian oil fund. Iberdrola maintains operatorship.
BY MARIA OIEN, TRANSLATED BY DANIEL FRANK CHRISTENSEN
Norway Government Pension Fund Global, colloquially the oil fund, has agreed to purchase a 49% position in Iberdrola’s portfolio of Spanish wind and solar assets, which combined have capacity of nearly 1.3GW, reports Reuters.
The news agency writes that the sales price is EUR 600m.
According to the sovereign wealth fund’s administrator, Norges Bank Investment Management, the portfolio includes seven photovoltaic facilities and five wind farms with installed effect totaling 1.265GW.
The Spanish utility will retain both equity interest and operatorship, Reuters writes.
Iberdrola relays that both parties are open to further investments in other assets.
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