Clifford Chance has advised Norges Bank Investment Management on the acquisition of a 49% interest in a 644 MW portfolio of solar plants located in Spain from Iberdrola.

The portfolio comprises two solar plant projects with a total installed capacity of 644 MW, equivalent to the annual electricity consumption of 400,000 Spanish households. One project is currently operational, while the second one is under development and expected to be completed in 2025. Norges Bank Investment Management will take ownership of the asset once it becomes operational.

The acquisition of the 49% interest in the portfolio is valued at 203 million euros, with the entire portfolio valued at approximately 414 million euros. No external debt financing will be involved in the transaction.

Iberdrola will remain co-owner and operator of the portfolio. The transaction entails an extension of the previous portfolios acquired from Iberdrola, which comprised (i) a 49% in a 674 MW solar and wind portfolio in Spain and Portugal in January 2024, and (ii) a 49% in a 1.3 GW solar and wind portfolio in Spain in January 2023.

This alliance represents a joint investment of more than 2 billion euros, with approximately 2,500 MW of renewables in Spain and Portugal currently under development, and reflects both companies’ commitment to accelerate decarbonisation in the Iberian Peninsula.

The Clifford Chance multidisciplinary team advising on the deal was led by partner Luis Alonso and counsel Javier Hermosilla, together with associates Íñigo Navarrete and Jimena Garrote. The team also included partner José Luis Zamarro, associates Mónica Romero, Clara Ortells, Paloma González and Julia Hernández.