Solar & Wind Joint Venture Announced In Spain

• Iberdrola and Mapfre have announced a joint venture in Spanish renewable energy space
• The initial projects under the new entity comprises 100 MW of operational wind capacity, and 130 MW of under development solar capacity
• In the future the new company will add more operational and new development projects to its portfolio

Spanish energy giant Iberdrola and local insurance company Mapfre have joined hands to launch a new joint venture to build 230 MW solar and wind power capacity as initial projects. Both the partners plan to add more green projects, both operational and new development projects, in the portfolio of the energy company in the future.

The initial projects include 130 MW of solar PV currently under development, and 100 MW of operational wind power capacity, both in Spain. The 130 MW PV capacity is coming up in Castile-La Mancha community in the province of Guadalajara. It is expected to come online in Q3/2022.

Mapfre will hold a 80% stake in the new partnership, with Iberdrola taking up 20% share. So far Mapfre has invested in alternative assets through real estate, infrastructure or private capital funds.

To this partnership, while Iberdrola brings its experience in renewable energy, Mapfre adds its financial prowess.

"Iberdrola incorporates a partner company for the development of its renewable energy growth plan and its asset rotation strategy, while MAPFRE reinforces its commitment to sustainable investments in Spain with a world leading energy company in the area of ​​renewable energies," stated Iberdrola.

Iberdrola has been providing 100% renewable energy to Mapfre for its commercial network in Spain.