IBDRY - Iberdrola Norway wealth fund to buy more renewable assets in Iberia

2023-05-31 08:25:26 ET

Iberdrola ( OTCPK:IBDRY ) ( OTCPK:IBDSF ) said Wednesday that Norway's sovereign wealth fund obtained legal requirements to co-invest in 1.265 GW of new renewable capacity in Spain, and plans to acquire an additional 500 MW of assets in the Iberian Peninsula.

In January, the $1.4T wealth fund - the world's largest - agreed to buy a 49% stake in the 1.265 GW portfolio of solar plants and onshore wind farms in a deal worth ~€600M ($660M).

The Spanish company said it would retain a 51% controlling stake in the portfolio, which consists of 80% of solar photovoltaic assets and 20% of wind assets.

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