NORWAY – Iberdrola and the Norwegian sovereign wealth fund managed by Norges Bank Investment Management have revealed intentions to allocate €2 billion ($2.18bn) towards renewable energy endeavors in the Iberian peninsula.
This initiative is set to augment the region’s renewable energy capacity by 1.3GW within the upcoming three years until 2026.
The collaborative venture integrates 674MW of wind and solar energy capacity, with plans for the inclusion of the remaining capacity in the initial months of 2024, culminating in a total of 2.6GW.
Ongoing negotiations are in progress to incorporate 643.5MW of operational and evolving solar PV capacity into the alliance’s portfolio.
This strategic partnership signifies a concentrated effort to expedite the decarbonization process in the Iberian peninsula, with potential contemplation of extending the agreement to encompass other nations.
Iberdrola will maintain a majority stake of 51% in the assets, with the current 674MW capacity valued at €627 million (US$682.04m).
This valuation excludes additional margins tied to asset management, operation, maintenance, or other corporate services.
The renewable energy portfolio is anticipated to generate sufficient electricity to sustain 400,000 homes annually, concurrently offsetting 350,000 tonnes of CO₂ emissions each year.
Ignacio Galán, Executive Chairman of Iberdrola, expressed, “Today we have expanded our clean energy alliance to advance the development of renewables in the Iberian peninsula in a faster, more consolidated and competitive way.
“Innovative agreements like this allow us to combine our knowledge in clean energy and our financial strength with those of Norges Bank Investment Management, a truly progressive partner, building on our alliance that has been growing for many years.”
Eviny acquires 365MW Norwegian wind farms from BlackRock
In a parallel development, Norwegian power company Eviny has acquired two wind farms totaling 365MW in Norway from BlackRock, in a transaction valued at €537.5 million (US$584.68m).
This acquisition elevates Eviny’s ownership in renewable energy by 20%, from 7.7 terawatt-hours (TWh) to 9TWh.
The purchase encompasses the 197MW Guleslettene and 168MW Tellenes wind power plants, both substantial contributors to Norway’s renewable energy output.
The Guleslettene wind power plant, situated in Bremanger and Kinn municipalities, features 47 turbines generating 700 gigawatt-hours (GWh) annually. The Tellenes wind power plant, located in the Rogaland municipalities of Lund and Sokndal, comprises 50 turbines generating 520GWh annually, collectively supplying electricity to 75,000 households.
This investment in renewable assets is spearheaded by Eviny’s new energy and industrial partnerships division.
The two wind farms, developed by BlackRock, with Tellenes commencing operations in 2017 and Guleslettene following in 2021, are expected to conclude the transaction by the end of the first quarter of 2024.
For all the latest packaging and printing industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook, and subscribe to our YouTube channel.
