Masdar, NBIM Said to Be Shortlisted in Iberdrola Portfolio Sale
(Bloomberg) -- Abu Dhabi’s state-owned energy firm Masdar, Norwegian sovereign wealth fund Norges Bank Investment Management and Australian firm Fortescue Ltd. are among bidders shortlisted to buy a Spanish solar power portfolio owned by Iberdrola SA, according to people with knowledge of the matter.
The Spanish utility is selling 49% of the Proyecto Julieta portfolio, which has a total capacity of about 1 gigawatt, said the people, who asked not to be identified as the matter isn’t public. Iberdrola is seeking a total valuation for the assets of at least €900 million ($1 billion), one of the people said.
The deal would be similar to other divestments Iberdrola carried out in recent years. By selling minority stakes in large projects to financial partners, the company can retain control of the assets while raising funds to reduce debt and lower the cost of capital. The utility is also deploying the money from these so-called asset rotation deals to boost its investments in power networks globally.
Representatives for Iberdrola and the three bidders declined to comment.
Some of the shortlisted investors already have a track record of closing transactions with the Spanish firm. In 2023, Norway’s wealth fund bought a stake in another portfolio for €600 million. That year, Iberdrola also sold a 49% stake in the Baltic Eagle offshore wind farm off the German cost to Masdar.
Iberdrola has also recently announced a joint investment with Masdar, formally called Abu Dhabi Future Energy Co., in the 1.4-gigawatt East Anglia Three offshore wind project in the UK.
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