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Iberdrola and Norges Bank to invest €2 billion in renewable energy

EditorNatashya Angelica
Published 01/18/2024, 02:58 PM
Updated 01/18/2024, 02:58 PM

MADRID - Iberdrola (OTC:IBDRY), a global energy leader, and Norges Bank Investment Management, the asset management unit of the Norwegian central bank, have unveiled plans to significantly increase their investments by over €2 billion in renewable energy on the Iberian Peninsula. The announcement, made at the World Economic Focus event in Davos, details an ambitious initiative to develop an additional 1,300 megawatts (MW) of clean energy capacity over the next three years.

The partnership between the two entities is already bearing fruit, with 674 MW of wind and solar projects currently in development. These endeavors represent a substantial commitment to clean energy, highlighting the increasing importance of sustainable investments in the global market.

To further bolster their renewable energy portfolio, Iberdrola and Norges Bank Investment Management are in active negotiations to add another 643.5 MW of solar photovoltaic (PV) capacity. The financial commitment to these solar projects is estimated at around €627 million, underscoring the scale and financial backing behind the push for green energy.

This collaboration between Iberdrola and the investment arm of Norway's central bank reflects a growing trend among investors to prioritize environmentally friendly projects, particularly in the renewable energy sector.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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