Norway’s sovereign wealth fund manager Norges Bank Investment Management (NBIM) is paying Iberdrola €203m for half of a portfolio of solar plants in Spain.

The manager of the NOK17trn (€1.4trn) Norwegian Government Pension Fund Global said it has agreed to acquire a 49% stake in the 644MW portfolio in a deal funded with no external debt.

Spanish multinational electric utility company Iberdrola will remain co-owner and operator of the portfolio.

The latest transaction expands NBIM’s clean energy alliance with Iberdrola which started in January last year when the former acquired nearly half of a 1.3GW portfolio of solar plants and onshore wind farms located in Spain in partnership with Iberdrola for €600m.

In January this year, NBIM bought a 49% stake in a €627m portfolio of solar plants and onshore wind farms located in Spain and Portugal from Iberdrola.

NBIM said the latest portfolio comprises two solar plant projects. One project is currently operational, while the second is under development and is expected to be completed in 2025. NBIM will take ownership of the asset once it becomes operational.

Norway’s sovereign wealth fund made its first direct infrastructure deal in April 2021 when it invested €1.37bn to buy half of the Borssele 1 & 2 Dutch offshore wind farm from Denmark’s Ørsted.

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