Norway’s Norges Bank Investment Management (NBIM) is negotiating to invest in 1,000 MW of renewable energy assets held by Spanish utility Iberdrola SA (BME:IBE) in the Iberian Peninsula, Spanish business daily Cinco Dias reported on Tuesday, without attributing the news to any specific source.
The alleged transaction will mirror the terms of the deal struck earlier this year when NBIM agreed to acquire a 49% stake in Iberdrola’s 1,265-MW wind and solar portfolio in Spain, Cinco Dias reported.
That portfolio, with 137 MW of operational plants and 1,128 MW of projects in development in it, was valued at EUR 1.2 million (USD 1.28bn). The utility was to raise around EUR 600 million in proceeds, and with 51% ownership, maintain control of the assets.
When the deal was finalised in May, Iberdrola announced that its partnership with NBIM was already heading towards further investments in over 500 MW of renewable energy assets not just in Spain but in Portugal as well.
NBIM, the manager of Norway’s sovereign wealth fund, is also a direct shareholder of Iberdrola, owning a 3.65% stake.
(EUR 1.0 = USD 1.69)
