Solar energy giant Iberdrola begins construction of a €200 million solar power facility in Spain with Norges Bank as their collaborator.

Iberdrola, the Spanish energy giant, has announced the commissioning of a new 316 MW solar farm in Salamanca province, marking its second solar project in the region. This project is part of a strategic alliance with Norges Bank, which has made significant investments in Iberdrola's renewable energy portfolio.

The solar PV plant, spread across 439 hectares, is a €200m investment and is expected to meet the energy demand of 155,000 households once operational. It's worth noting that this solar farm, when combined with Iberdrola's existing PV projects in the Castile and León region, brings the total capacity to over 890MW.

Norges Bank's interest in Iberdrola's renewable energy projects began in January 2024, when the Norwegian bank acquired a 49% stake in a solar and onshore wind asset portfolio from Iberdrola for €307m. This was followed by another acquisition in April 2024, where Norges Bank purchased a 49% interest in Iberdrola's 644MW Spanish solar energy portfolio, valued at €203m. The total value of the assets acquired by Norges Bank in 2024 is €510m.

These acquisitions are not isolated incidents. They are part of a series of partnerships between Norges Bank and Iberdrola aimed at developing 1265MW of renewable energy capacity in Spain. The strategic alliance, established a year prior to these acquisitions, is a significant step towards Spain's goal of increasing its renewable energy capacity.

The renewable energy boom in Spain is evident. Since 2022, the combined capacity of Iberdrola's PV projects in the Castile and León region has risen significantly. This has contributed to a rising share of renewables in Spain's electricity mix. At the end of 2024, Spain's transmission system operator estimated a renewable energy share of 56% in the country's electricity mix.

Iberdrola's renewable energy projects in the Castile and León region are not limited to solar power. The region is also home to Spain's first hybrid wind and solar plant. This diversity in renewable energy sources underscores Iberdrola's commitment to a sustainable energy future.

The solar farm in Salamanca is not Iberdrola's only collaboration in the region. The energy company built the 316 MW solar park in partnership with Mercadona, a Spanish supermarket chain. This partnership highlights Iberdrola's ability to work with various stakeholders to achieve its renewable energy goals.

In conclusion, the partnership between Iberdrola and Norges Bank is a significant development in Spain's renewable energy sector. The commissioning of the solar farm in Salamanca is a testament to the companies' commitment to a sustainable future and their ability to drive change in the energy landscape. The project is expected to avoid 75,000 tonnes of CO2 emissions annually, making it a crucial step towards a greener Spain.

Solar energy giant Iberdrola begins construction of a €200 million solar power facility in Spain with Norges Bank as their collaborator.