Spain – Iberdrola and MAPRE plan to make joint investments in renewable energies in Spain.
The utility and insurance company have established a pioneering joint investment vehicle to achieve their goals, including 230 MW of green projects including wind power and solar photovoltaic ( PV). The deal is expected to add more operating assets over time, as well as new renewable energy projects under development in the energy company’s portfolio, with a target of 1,000 megawatts.
MAPFRE is the majority shareholder in the vehicle with an 80% stake, while Iberdrola holds the remaining 20% and is responsible for developing, building and operating the wind farms.
Projects across Spain
The first 100 MW of operational assets, located in Castilla y León, are split between two wind farms in Soria and Burgos. The 130 MW PV projects are being developed in Castilla-La Mancha, in the province of Guadalajara, and are expected to be commissioned in the third quarter of 2022.
Iberdrola has brought in a partner to develop its renewable growth plan and asset rotation strategy, while MAPFRE adds a global renewable energy leader to its sustainable investments in Spain. To date, the insurance group was making all these investments in alternative assets through real estate, infrastructure and private capital funds. At the end of last year, the Group completed its first infrastructure fund with Abante, raising €300 million, and invested in Macquarie Infrastructure and Real Assets (MIRA) funds.
Iberdrola has launched a major €150 billion investment plan over the next decade – €75 billion for the period 2020-2025 – with the aim of increasing three-fold its renewable capacity, doubling its network assets and seizing the opportunities of the energy revolution facing the world’s leading economies.
In Spain, it will invest €14.3 billion by 2025, most of which earmarked for an ambitious renewable and smart grid plan. The company is currently building 1,800 MW of PV and wind generation projects in the country and has a 12,900 MW project pipeline at year-end 2020.