Norges Bank Investment Management to Buy Stake in Spanish Solar Plants for EUR203 Million

By Dominic Chopping

Norges Bank Investment Management, the arm of Norway's central bank that manages the country's sovereign-wealth fund, agreed to buy a stake in two Spanish solar-plant projects for 203 million euros ($217.2 million).

The deal will see NBIM buy a 49% stake in the Iberdrola solar plants, with the Spanish energy group remaining co-owner and operator of the portfolio, it said Thursday.

The new portfolio comprises two solar-plant projects with a total installed capacity of 644 megawatts, equivalent to the annual electricity consumption of 400,000 Spanish households.

One project is currently operational, while the second is under development and expected to be completed in 2025, it said.

Norges Bank Investment Management also agreed on a EUR307 million deal with Iberdrola in January for a 49% stake in a portfolio of solar plants and onshore wind farms located in Spain and Portugal.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

April 25, 2024 04:15 ET (08:15 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.