Spanish renewables giant Iberdrola has signed a deal with Norway's sovereign wealth fund – also called oil fund – to jointly invest in 1.3GW of renewables capacity in Spain.

Iberdrola will have a 51% majority stake in the assets, which are slated to come to 80% from solar and 20% wind.

The Spanish utility will control, manage and operate the assets, which are valued at about €1.2bn ($1.3bn).

Norges Bank Investment Management, which manages the sovereign wealth fund, has some €1.4