Norwegian Clean Energy Partnerships
Iberdola Partnered with NBIM to Scale Clean Energyin Norway
Colin Smith — February 5, 2026
Iberdrola and Norges Bank Investment Management have expanded their clean energy partnership by adding 646 MW of solar photovoltaic capacity to their joint venture, increasing total operational renewable capacity across Spain and Portugal to 1.5 GW. The newly incorporated assets consist of solar plants located in Granada and Salamanca. This expansion builds on the joint venture established in 2023, which included a commitment to co‑invest more than €2 billion in renewable energy projects across the Iberian Peninsula. The partners originally targeted a portfolio of approximately 2.5 GW, and the latest additions represent continued progress toward that objective. ESG Today
The partnership is structured to accelerate the deployment of large scale solar capacity in regions with strong resource potential and established grid infrastructure. Iberdrola contributes development expertise and operational capabilities, while NBIM provides long term capital aligned with its strategy to increase exposure to renewable energy assets. The expansion to 1.5 GW reflects both organizations’ focus on scaling utility level solar generation and supporting broader decarbonization goals in the Iberian energy market. The joint venture’s ongoing development pipeline positions the partners to continue adding capacity through 2028 as projects reach commercial operation.
