Norwegian fund to invest in Portugal

A Norwegian sovereign fund from Norges Bank – one of the largest sovereign funds in the world — is to step up its investment in renewable energy in Portugal in partnership with the Spanish company Iberdrola.

The fund, managed by Norges Bank Investment Management, will invest with Iberdrola €2Bn over the next three years, strengthening the partnership signed with Iberdrola a year ago with the Spanish energy company holding 51%.
“The companies added more than 1,300MW of renewable energy – 674MW had already been factored for – and the rest will be included in the next few months, raising the total renewable capacity to 2,600MW” according to a communiqué from Iberdrola adding that this renewables portfolio will provide power for 400,000 families.
Of the 674MW, 40% will come from wind energy and the other 60% from solar energy on the Iberian peninsula.
The Norwegian fund already has investments in various listed companies in Portugal, including EDP, EDP Renováveis, Jerónimo Martins and Galp.