Energy
Iberdrola Norges Bank Alliance Tops 1,800 MW on Tâmega Wind Closing
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Iberdrola and Norges Bank Investment Management have added the 274 MW Tâmega wind project in northern Portugal to their renewable co-investment alliance, taking the platform’s portfolio beyond 1,800 MW of total capacity on the Iberian Peninsula, according to Iberdrola’s announcement on 2 November 2026.
The new closing incorporates Tâmega, which is already in commercial operation. The alliance is a long-term strategic co-investment platform to accelerate electrification, backed by more than €2 billion of investment. The platform is expected to keep adding renewable capacity, with a target of reaching 2,300 MW by next year.
Alliance Build-Out Since 2023
The Tâmega closing follows the incorporation earlier this year of 646 MW of solar photovoltaic capacity: the Caparacena plant (330 MW) in Granada and the Ciudad Rodrigo plant (316 MW) in Salamanca, both in operation since the end of 2025. That contribution took the alliance to 1,500 MW, according to Iberdrola’s 2 February 2026 release, which stated that Iberdrola will retain a 51% majority ownership in the contributed assets, as with previous additions. The two plants supply more than 800,000 people a year in Granada and Salamanca and avoid 85,000 tonnes of CO2 emissions.
The partners created the joint venture in 2023 with an initial focus on Iberia; the original alliance covered the development of 1,265 MW of renewable capacity in Spain. On 17 January 2024 they announced a doubling of the alliance, adding 1,300 MW toward a planned 2,600 MW total with more than €2 billion of joint investment over three years, per the company’s January 2024 release. Under that agreement, 674 MW in the development stage, split 40% wind and 60% solar PV across the Iberian Peninsula, was incorporated at announcement, with 100% of that capacity valued at €627 million excluding asset-management, operation and maintenance, and corporate-service margins. Final exclusivity negotiations were also under way on a further 643.5 MW of operational and under-development solar PV capacity.
Iberdrola executive chairman Ignacio Galán announced the January 2024 expansion during meetings at the World Economic Forum in Davos. “It gives us more critical mass in Spain and is also our first step into Portugal,” Norges Bank Investment Management CEO Nicolai Tangen said in that release. “We look forward to adding more attractive renewable infrastructure projects going forward.”
Norges Bank Investment Management has assets under management of around €2.1 trillion and stakes in more than 9,000 companies worldwide, averaging 1.5% of all listed companies globally and 2.5% across Europe. The fund has been one of Iberdrola’s largest shareholders for more than seven years, with a stake of around 2.3%, and the alliance marked its first direct investment in renewable assets in Spain.
The release describes the partnership as bringing together Iberdrola, Europe’s largest utility and one of the two largest worldwide by market capitalisation, with one of the world’s largest sovereign wealth funds, and states the alliance could expand into new renewable opportunities in additional markets.
