Spanish renewables giant Iberdrola and Norges Bank Investment Management, which manages Norway’s sovereign wealth fund – also called oil fund – , are working on expanding their envisaged pipeline for wind and solar development.

Iberdrola said it has finalised the details of its strategic alliance with the sovereign fund to co-invest in 1.27GW of solar and wind capacity in Spain announced in January, while both parties now consider adding a further 500MW of renewables in the Iberian Peninsula to the portfolio.