Iberdrola and MAPFRE have joined forces to invest in renewable energies in Spain.
The utility and the insurance company have set up a co-investment vehicle, with MAPFRE as the majority shareholder with an 80 percent stake, and Iberdrola holding the remaining 20 percent stake. Iberdrola will be responsible for developing, building and operating the wind farms.
The vehicle includes 230 megawatts of green projects, with the partners to add more operating assets over time, as well as new renewable projects under development from the energy company's pipeline, targeting 1,000 megawatts, according to Energy Global.
The first 100 megawatts of operational assets are split between two wind farms in Soria and Burgos. The remaining 130-megawatt solar PV projects are expected to be commissioned in the third quarter of 2022.
“The alliance illustrates the need to work together, with commitment and action, in order to lead the transition towards a low-carbon