At a glance
- The partners expect the platform to reach 2,300 MW next year, backed by more than €2 billion of investment.
- Allocators weighing a direct stake in Iberian renewables get a platform spanning wind and solar but no per-megawatt price for operating assets.
- Tâmega follows 646 MW of Spanish solar added earlier this year from the Caparacena and Ciudad Rodrigo plants, in operation since the end of last year.
Iberdrola and Norges Bank Investment Management added the 274 MW Tâmega wind farm in northern Portugal to their Iberian co-investment platform, taking the alliance's renewable portfolio above 1,800 MW, according to ESG News.
The partners expect the platform to reach 2,300 MW next year, backed by more than €2 billion of investment. The wind farm is already in commercial operation. Deal value and the ownership split were not disclosed.
Allocators weighing a direct stake in Iberian renewables get a platform spanning wind and solar but no per-megawatt price for operating assets.
Tâmega follows 646 MW of Spanish solar added earlier this year from the Caparacena and Ciudad Rodrigo plants, in operation since the end of last year. The alliance began as NBIM's first direct investment in renewable assets in Spain, and Tâmega extends those holdings into Portuguese wind. NBIM has held around 2.3% of Iberdrola for more than seven years and manages about €2.1 trillion, according to ESG News.
The companies said the partnership could extend into renewable projects in additional markets.
Iberdrola is also tapping public debt markets. As Private Wealth Daily previously reported, the utility sold $1.6 billion of green bonds in its first U.S. deal of that kind since 2009 in October, split into two $800 million tranches at 5.40% and 5.85%.
Reported by the Transition Finance desk from ESG News. Published . Corrections