Norges Bank buys into Iberdrola renewable assets.

Norges Bank, the Norwegian sovereign wealth fund, has purchased a 49% stake in a renewable energy portfolio owned by Iberdrola, a Spanish utility company. The portfolio consists of solar and onshore wind assets located in Spain and Portugal, with a total capacity of 674MW. The acquisition, valued at €307 million, will not involve any external debt financing. Norges Bank plans to take ownership of the portfolio once the projects become operational. This deal is part of a larger partnership between the two companies, which aims to invest €2 billion in renewable energy projects over the next three years. [Extracted from the article]