Iberdrola-Norges platform tops 1,800 MW with Tâmega wind farm

Iberdrola and Norges Bank Investment Management added the operating Tâmega wind farm in northern Portugal to their joint renewable-energy platform on Monday. The 274 MW project takes the alliance above 1,800 MW of capacity.

The partners are moving towards a 2,300 MW portfolio target. Reports place the investment associated with that expanded target at close to €2,000 million.

A broader renewable portfolio

Earlier this year, the platform incorporated 646 MW of solar capacity from the Caparacena and Ciudad Rodrigo projects, both operating since the end of the previous year. Tâmega adds wind generation to those recent solar assets and to other projects already held by the alliance.

The partnership began with a 2023 plan for 1,265 MW of new renewable capacity in Spain, split between 20% wind and 80% solar photovoltaic projects. That initial portfolio was valued at about €1,225 million before the capacity target was raised.

Norges Bank Investment Management has been a major Iberdrola shareholder for more than seven years and holds about 2.3% of the company. It manages around €2.1 trillion in assets and owns stakes in more than 9,000 companies worldwide.

Iberdrola describes the arrangement as a long-term strategic partnership that could extend to renewable projects in other markets.

Sources: La Vanguardia and Expansión.