Iberdrola, Mapfre set up renewable energy joint venture

From pv magazine Spain

Spanish energy company Iberdrola has announced it will team up with Spain-based insurance group Mapfre to jointly invest in renewable energy in Spain.

The two companies set up a joint venture to build wind and solar power plants across Spain. The largest shareholder will be Mapfre, with a 80% stake, and Iberdrola is holding the remaining 20%.

The joint company’s current renewable energy portfolio consists of 100 MW of operational wind power plants and 130 MW of PV plants which are under development. The agreement provides for the incorporation of other operating assets, as well as new renewable energy development projects, for a total capacity of up to 1,000 MW.

The 100 MW in operating assets are located in Castilla y León, distributed in two wind farms, in Soria and Burgos. The 130 MW of photovoltaic capacity is in the development phase in Castilla-La Mancha, in the province of Guadalajara, and its commissioning is scheduled during the third quarter of 2022.

Until now, Mapfre has made its investments in renewable energy assets through real estate and infrastructure funds or private equity. At the end of last year, the group made the first closing of its first infrastructure fund, amounting to €300 million, which it launched together with Spanish firm Abante to invest in funds from Macquarie Infrastructure and Real Assets (MIRA), the largest infrastructure group in the world.

Iberdrola and Mapfre began their collaboration in the energy field in January, when they reached an agreement to provide, with renewable electricity, nearly 3,000 offices of the insurance group in Spain.