Iberdrola has begun feeding electricity into the grid from its first photovoltaic plant in Murcia, a 50 megawatt installation named FV Peñarrubia. This project marks the initial step in a renewables alliance between the energy company and Norges, Norway’s sovereign wealth fund, showcasing a strategic partnership that extends beyond a single facility.
This milestone strengthens a strategic alliance that already includes other operational projects. In January, the partnership expanded with announcements of more than 2.0 billion euros in co-investment across Spain and Portugal, signaling a broader industrial collaboration across the Iberian region.
The facility lies between Yecla and Jumilla and now supplies clean energy to more than 25,000 homes annually, following an investment of nearly 30 million euros, according to the company.
The photovoltaic plant comprises over 90,000 solar modules, capable of generating more than 86,000 megawatt-hours each year. It is projected to prevent around 15,000 tonnes of CO2 from entering the atmosphere annually, contributing to regional climate goals.
The construction of the fully renewable installation has energized the local and regional business fabric, with up to 250 workers brought on during peak periods, most of them local hires, reflecting a tangible economic impact in the area.
National suppliers have also played a crucial role, including Gonvarri and Ingeteam from the Basque Country, Omexon from Andalusia, and Tecinsa from Castile-La Mancha. Their involvement has spurred regional and national economic development in Spain as a whole.
Alliance
Since 2023, Norges and Iberdrola have collaborated to accelerate decarbonization in Spain, with a future potential to expand to other countries. Iberdrola will hold a majority stake of 51 percent in the assets, creating a durable partnership between two preferred sponsors that could extend to additional renewable opportunities in other regions.
Norges Bank is also a major shareholder in Iberdrola, maintaining a stake of more than 3 percent for over seven years. This backing comes from the sovereign wealth fund of Norway, which manages assets around 1.4 trillion euros and holds positions in more than 9,000 companies. On average, it owns about 1.4 percent of all listed companies worldwide and about 2.5 percent of all listed European firms.