Iberdrola, MAPFRE partner to invest in Spanish renewable energy projects

12 Apr 2021

Spanish electric utility company Iberdrola and insurance company MAPFRE have created a new strategic partnership, to jointly invest in renewable energy projects in the country.

The partnership has created a co-investment vehicle to address the common goals including 230MW green projects, both wind and solar PV, from the utility’s portfolio.

The vehicle is expected to add more operating assets over time, along with new renewable projects under development, targeting 1GW.

MAPFRE holds a majority stake of 80% in the vehicle, while Iberdrola holds the remaining 20%, along with responsibility for developing, building and operating the wind farms.

The joint initiative will invest in an initial 100MW of operational assets located in Castilla y León, distributed between two wind farms in Soria and Burgos.

Also, it will invest in 130MW PV projects, currently being developed in Castilla-La Mancha, in the province of Guadalajara, to be commissioned in the third quarter of 2022.

For more information please visit EICDataStream.

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