By Giulia Petroni

Iberdrola said Wednesday that Norway's sovereign fund has obtained legal requirements to co-invest in 1.265 gigawatts of new renewable capacity in Spain, and plan to get an additional 500 MW of assets in the Iberian Peninsula.

The Spanish energy group said the 1.265-GW portfolio consists of 80% of solar photovoltaic assets and 20% of wind assets. The company will retain a 51% controlling stake in the portfolio, providing operation and maintenance services.

In January, Norges said it agreed to pay 600 million euros ($643.09 million) for a 49% stake in the 1.265-GW portfolio.

Further details on the additional 500 MW weren't released.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

May 31, 2023 07:55 ET (11:55 GMT)

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