Investment of 2 billion euros in renewable energy
- Valerie Charoux
- Jan 17, 2024
- 1 min read
Portugal renewable energy news – An Investment of over 2 billion euros in renewable energy in Portugal and Spain was just announced by Iberdrola and Norges Bank Investment Management. The announcement was made by Iberdrola’s executive chairman, Ignacio Galán, at the World Economic Forum in Davos.
Iberdrola and the Norwegian sovereign wealth fund managed by Norges Bank Investment Management, will invest more than 2 billion euros in renewable energy production, increasing the production capacity by 1,300 MW over the next 3 years. The total production capacity of wind and solar energy across the Iberian Peninsula will reach 2,600 MW.
This renewable energy portfolio will have the capacity to supply energy to more than 400,000 homes each year, while reducing CO2 emissions by 350,000 tons per year.
Norges Bank Investment Management, which manages Norway's sovereign wealth fund, has assets under management of around €1.4 trillion and stakes in more than 9,000 companies. It owns on average 1.4% of all listed companies in the world and 2.5% of all listed companies in Europe. Norges Bank Investment Management is also one of Iberdrola's main shareholders, holding a stake of 3% since more than seven years.
This is the first investment by Norges Bank in Portugal but there will be more renewable infrastructure projects going forward, according to CEO Nicolai Tangen.
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