Spanish renewables giant Iberdrola and Norges Bank Investment Management, which manages Norway’s sovereign wealth fund – also called its 'oil fund' – are to double their planned joint renewable energy capacity to 2.6GW over the next three years, unlocking more than €2bn ($2.2bn) in investments.

The duo a year ago announced plans for a first 1.3GW in solar and wind developments, in Spain and Portugal, and today (Wednesday) added another 674MW of renewable projects to their alliance.