/MADRID, SPAIN, February 2, 2026, 10:00 CET, RENEWABLE MARKET WATCH™/ Iberdrola has significantly enhanced its renewable energy efforts by incorporating an additional 646 megawatts (MW) of solar photovoltaic capacity to its joint venture. This expansion includes the operational solar PV projects at Caparacena and Ciudad Rodrigo, which commenced operations at the end of the previous year.
Through this partnership, Iberdrola and Norges Bank Investment Management have cultivated a robust, long-term strategic alliance focused on accelerating the transition to electrification. Their collaboration involves a substantial investment of over €2 billion and aims to develop an extensive renewable portfolio totalling 2,500 MW.
To date, their strategic alliance has successfully established 1,500 MW of operational renewable capacity. This latest contribution features the Caparacena photovoltaic plant, which has an output of 330 MW, and the Ciudad Rodrigo plant, with a capacity of 316 MW. Both facilities are strategically located in the regions of Granada and Salamanca in Spain, further strengthening Iberdrola’s commitment to sustainable energy development and reducing carbon emissions. Iberdrola will maintain a 51% majority ownership in these assets as part of its ongoing strategic long-term alliance.
The companies have made significant contributions to their co-investment partnership, which exceeds €2 billion, and have focused on projects in Spain and Portugal. As part of this ongoing collaboration, additional assets currently in advanced construction are expected to be added to the joint venture in the near future. Established in 2023, this partnership aims to accelerate electrification efforts, initially in the Iberian region, with plans to expand into other areas.
Notably, the Caparacena and Ciudad Rodrigo facilities are already generating clean energy, supplying over 800,000 residents annually in the Granada and Salamanca regions. This initiative also plays a crucial role in reducing carbon emissions, preventing the release of approximately 85,000 tonnes of CO2 into the atmosphere. Norges Bank Investment Management, a prestigious institution managing nearly €1.7 trillion in assets, holds interests in over 9,000 companies worldwide. This impressive portfolio translates to an average ownership stake of 1.5% in all listed companies worldwide, with a notable 2.5% stake in European firms.
For more than 7 years, Norges Bank Investment Management has maintained a significant presence as one of Iberdrola’s largest shareholders, holding approximately a 3% stake. Building on this fruitful and enduring partnership, Norges Bank Investment Management has taken a bold step by collaborating with Iberdrola to initiate its first direct investment in renewable energy assets within Spain.
This strategic partnership unites two titans in their respective fields: Iberdrola, recognised as Europe’s leading utility by market capitalisation, and Norges Bank Investment Management, one of the foremost sovereign wealth funds globally. Together, they are not only strengthening their long-term alliance but are also positioning themselves to explore and develop new renewable energy projects in various markets, paving the way for future growth and innovation in the sector.
For more information and answers to your questions about the Spanish solar photovoltaic market and related content, you may read here: Europe Solar Photovoltaic (PV) Power Market Outlook 2025 – 2034
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