Today we are at Puylobo, close to the city of Zaragoza. This is one of the first wind farms that we incorporated in our partnership with Norges Bank Investment Management. It's a 50MW wind farm, comprising 13 turbines of 3.2MW each.

Good, David. Good to see you. Friend, how are you? All good? Good to see you. Norges Bank Investment Management is a financial investor. We are mainly invested in equities and fixed income. Back in 2020, we got the mandate to start investing

in what we call unlisted renewable infrastructure. And since then, we have started to build a portfolio with a mandate to invest up to 2 per cent of the fund into this asset class. We discovered in Norges Bank Investment Management, one of the most important funds in the world,

a clear partner for us. We are an industrial company with a long-term vision, and what we need is to invest in assets that are going to be in our portfolio for the next 30, 40 or 50 years. The portfolio we are building now will reach about 2.5GW

and, together, we have committed about €2bn. What we seek to do is to invest alongside a strong industrial player with a huge sector experience and local knowledge. In addition, what we see is that having a partner which has developed and constructed and also operates

the wind farm and sits together with us, with their skin in the game, we think that takes down the risk. Part of the success is that we have been able to build the relationship based on trust and openness, and the fact that we have been able

to add more investment to the framework really proves the success of it. We are a combination of different cultures, different companies integrated in the last few years. And, of course, partners are part of the DNA. But the important thing is the long-term view,

and to have the same ambition. What we would like is to expand our collaboration, not only in Spain and Portugal, but also we would like to expand our collaboration outside of the Iberian Peninsula.

Power of partnership: working towards energy goals | FT Energy Source

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Introduction to Puylobo Wind Farm and Partnership

Puylobo wind farm near Zaragoza, one of the first in a partnership with Norges Bank Investment Management.

50MW wind farm with 13 turbines of 3.2MW each.

Norges Bank Investment Management's Investment Strategy

Norges Bank Investment Management invests mainly in equities and fixed income.

Mandate to invest up to 2% of the fund in unlisted renewable infrastructure.

Aiming to build a portfolio of approximately 2.5GW with a €2bn commitment.

Investing alongside a strong industrial player with sector experience and local knowledge.

Partner's involvement in development, construction, and operation reduces risk.

Successful relationship built on trust and openness, leading to increased investment.

Long-Term Vision and Future Collaboration

Emphasis on long-term view and shared ambition.

Desire to expand collaboration beyond Spain and Portugal.

Power of partnership: working towards energy goals | FT Energy Source

Power of partnership: working towards energy goals | FT Energy Source

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