Norges Bank Investment Management acquired 49% stake in 1.3GW renewable infrastructure portfolio in Spain from Iberdrola, S.A. (BME:IBE) for €600 million on January 1, 2023. Solar plants made up 80% of the portfolio with onshore wind accounting for the remaining 20%. Iberdrola would remain as co-owner and operator of the portfolio, which comprised seven solar plant projects and five onshore wind projects. The transaction is expected to be completed in the first quarter of 2023. Antonio Morales and Juanjo Corral of Baker & McKenzie Madrid S.L. acted as legal advisor to Iberdrola, S.A. (BME:IBE). Barclays Bank PLC acted as financial advisor to Iberdrola, S.A. (BME:IBE).

Norges Bank Investment Management completed the acquisition of 49% stake in 1.3GW renewable infrastructure portfolio in Spain from Iberdrola, S.A. (BME:IBE) on January 1, 2023. Javier Hermosilla, José Luis Zamarro, José Guardo and Luis Alonso of Clifford Chance S.L.P. acted as legal advisor to Norges Bank Investment.