Norway's sovereign-wealth fund, the world's largest, said Tuesday that it has agreed to pay 600 million euros ($649.2 million) for a 49% stake in a portfolio of solar plants and onshore wind farms in Spain.
Norges Bank Investment Management, the arm of Norway's central bank that manages the fund, said it will buy the stake in the 1.3 gigawatt portfolio from Iberdrola S.A., who will remain co-owner and operator of the portfolio.
The portfolio comprises seven solar plant projects and five onshore wind projects with an installed capacity of 1,265 megawatts, equivalent to the annual electricity consumption of 700,000 Spanish households.
Solar plants make up 80% of the portfolio, while onshore wind accounts for the remaining 20%, it said.
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