At the beginning of the year the Spanish utility inked a financing partnership with the sovereign wealth fund of Norway to develop 1.3GW of renewables in Spain and Portugal. This is on top of Iberdrola's new plan to invest €15.5 billion (US$17.2 billion) in renewables by 2026 and commission 6GW of solar PV and onshore wind by 2027. As the company continues to increase its installed capacity, it also keeps securing power purchase agreements (PPAs) for several of its solar PV plants across Spain, including deals with fast food chain Burger King and Spanish retailer Alcampo. Moreover, in the US the utility fully acquired its subsidiary, Avangrid, in May this year for a total of €2.3 billion (US$2.5 billion). Iberdrola acquired the 18.4% minority stake that it did not already hold in Avangrid for €32.36 (US$35.75) per share, according to its filing with the Spanish National Securities Market Commission (CNMV).