Fortescue Said to Be Frontrunner for Iberdrola Portfolio Stake

Fortescue Ltd. is emerging as the frontrunner to acquire a stake in a Spanish solar power portfolio owned by energy giant Iberdrola SA, according to people with knowledge of the matter.

The Australian company is bidding to buy a 49% stake in a 1-gigawatt portfolio, according to three people familiar with the discussions, who asked not to be identified discussing private information. Iberdrola is seeking a total valuation of at least €900 million ($1 billion) as part of the so-called Project Julieta, said two of the people.