Norway's Wealth Fund Buys 49% Stake in Solar, Wind Portfolio From Iberdrola For EUR307 Million
By Dominic Chopping
Norway's sovereign-wealth fund has agreed to pay 307 million euros ($334 million) for a 49% stake in a portfolio of solar plants and onshore wind farms in Spain and Portugal, it said Wednesday.
Norges Bank Investment Management, the arm of Norway's central bank that manages the fund, said it will buy the stake from Spanish energy company Iberdrola, which will remain co-owner and operator of the portfolio.
The portfolio comprises two solar plant projects and two onshore wind projects with an installed capacity of 674 megawatts, 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%, it said.
All four projects are currently under development, and expected to be completed in 2025-26. Norges Bank Investment Management will take ownership of these when they become operational.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
January 17, 2024 02:32 ET (07:32 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks