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)

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