Ignacio Galán visits several facilities in Spain with Nicolai Tangen, CEO of Norges Bank |

2023-09-20 09:24:07

Ignacio Sánchez Galanpresident of Iberdrola, has visited with the CEO of Norges Bank, Nicolai Tangen, several Iberdrola facilities in Spain. Among the centers visited are the largest green hydrogen plant in Europe for the production of emission-free fertilizers in Puertollano (Ciudad Real), the La Muela hydroelectric plant in Cortes de Pallas (Valencia) and the Carrascosa and Muela wind farms. The Cubillo.

Norges Bank is one of the main shareholders of Iberdrola, with a stake of more than 3% for more than seven years. As a result of this relationship, it has decided to make its first direct investment in renewable assets in Spain with Iberdrola, the largest European electricity company by capitalization.

Both groups have created a strong alliance between two preferred partners whose commitment could extend to additional renewable opportunities in other geographies.

The alliance with Norges Bank is part of the energy strategy chaired by Ignacio Galán to open some of its projects to investors, always with a minority participation. Thus, Iberdrola has a majority percentage of 51% of the assets.

According to the terms of the operation, the valuation of 100% of this asset portfolio amounts to approximately 1,225 million euros, as agreed in January.

However, Iberdrola and Norges Bank have proposed increasing the alliance by 1,000 MW, the now called Cayetano Project. This already meant that the alliance would leave the Spanish market and also cover assets in Portugal, just as they plan to extend it to other countries soon.

Finally, Iberdrola controls and manages the assets, providing operation and maintenance services and other corporate services. Of the 1,265 MW, 20% wind and 80% photovoltaic, 137 MW are operational in Castilla-La Mancha and Aragón; while the rest is under development, distributed between Andalusia (358 MW), Extremadura (343 MW), Aragón (175 MW), Castilla y León (102 MW), Madrid (55 MW), Murcia (50 MW) and Castilla La Mancha (45 MW). This renewable portfolio will have the capacity to supply energy to more than 700,000 homes each year.