Iberdrola and Norges Bank Investment Management have expanded their renewable co-investment platform in the Iberian Peninsula with the addition of the Tâmega wind project, a 274 MW onshore wind facility located in northern Portugal that is already in commercial operation. With this closing, the portfolio of assets held under the alliance now surpasses 1,800 MW of total capacity.

The co-investment platform, backed by more than USD 2.24 billion of investment, was established as a long-term strategic alliance between the two organisations aimed at accelerating electrification. The Tâmega transaction marks the latest step in what both parties describe as a rapidly expanding partnership.

A Year of Expansion Across Iberia

The addition of the Portuguese wind project builds on the alliance's earlier activity this year, when 646 MW of solar photovoltaic capacity were incorporated into the joint venture. That capacity corresponds to the Caparacena and Ciudad Rodrigo solar projects in Spain, which have been in operation since the end of last year.

According to Iberdrola, the platform is expected to continue adding new renewable capacity, with a target of reaching 2,300 MW by next year. The alliance could also expand into new renewable opportunities in additional markets, according to the company's announcement.

A Longstanding Shareholder Relationship

Norges Bank Investment Management has been one of Iberdrola's largest shareholders for more than seven years, holding a stake of around 2.3%. Building on that relationship, the Norwegian institution joined forces with Iberdrola to make its first direct investment in renewable assets in Spain.

Norges Bank Investment Management manages assets of around USD 2.35 trillion and holds stakes in more than 9,000 companies worldwide, averaging 1.5% of all listed companies globally and 2.5% across Europe.

Two Sector Leaders

The partnership brings together Iberdrola, described as Europe's largest utility and one of the two largest worldwide by market capitalisation, and Norges Bank Investment Management, one of the world's largest sovereign wealth funds.

Iberdrola, having surpassed USD 156.9 billion in market capitalisation, serves more than 100 million people and employs 45,400 people, with total assets of USD 184.9 billion.

In 2025, the company reported a record net profit of USD 7.05 billion. It contributes around USD 11.6 billion in taxes in the countries where it operates and supports more than 500,000 jobs throughout its supply chain, supported by USD 14.80 billion in annual procurement from tens of thousands of suppliers.

Since 2001, Iberdrola has invested more than USD 196.18 billion in electricity networks, renewable energy and energy storage. The company operates nearly 1.4 million kilometres of electricity networks across the United States in New York, Connecticut, Maine and Massachusetts, the United Kingdom, covering Scotland, England and Wales, Brazil, where it is present in the states of Bahia, Rio Grande do Norte, Pernambuco, São Paulo and Mato Grosso do Sul as well as Brasília, and Spain. Iberdrola has 57,000 MW of installed capacity worldwide, of which more than 46,000 MW are renewable.

Outlook for the Platform

With Tâmega now integrated, the co-investment platform stands at more than 1,800 MW across the Iberian Peninsula, and both parties have signalled that further renewable capacity additions are planned as the alliance works toward its 2,300 MW target next year.

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