Clifford Chance advises Norges Bank on its alliance with Iberdrola

In the last days, Iberdrola has announced an alliance with Norges Bank Investment Management for more than 2 billion euros of co-investment in Spain and Portugal. Its chairman, Ignacio Galán, made the announcement at the World Economic Forum in Davos. The Spanish company and the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management, have announced the co-investment over the next three years.

In this connection, Clifford Chance has advised Norges Bank Investment Management on the acquisition of a 49% interest in a portfolio of solar plants and onshore wind farms located in Spain and Portugal from Iberdrola. The portfolio comprises two solar plant projects and two onshore wind projects with an installed capacity of 674 MW, equivalent to the annual electricity consumption of 350,000 Spanish households. Solar plants make up 60% of the portfolio, while onshore wind accounts for the remaining 40%.

All four projects are currently under development, expected to be completed in 2025-2026. Norges Bank Investment Management will take ownership of these when they become operational. The transaction is subject to authorisations from the relevant authorities.

The Clifford Chance multidisciplinary team advising on the deal was led by Luis Alonso, Javier Hermosilla, Pablo Murcia, Miguel Barredo and Íñigo Navarrete (pictured in order of mention). The team was also composed of José Guardo, José Luis Zamarro, Begoña Barrantes, Gabriel Miranda, Clara Iglesias, Clara Ortells, Mónica Romero, Josep Massana, Elena Euba, Julia Hernández and Jimena Garrote. The team was supported by Portuguese firm Morais Leitão in relation to Portuguese law matters.