Iberdrola, Mapfre create JV to invest in 1 GW of Spanish renewables

Iberdrola CEO Ignacio Galan (left) with Mapfre Chairman Antonio Huertas. Image by Iberdrola (www.ibedrola.com)

April 7 (Renewables Now) - Iberdrola SA (BME:IBE) has formed a joint venture (JV) with Spanish insurer Mapfre SA (BME:MAP) to invest in up to 1 GW of renewable energy projects in Spain.

The investment vehicle will start out with two operating wind farms with a combined capacity of 100 MW and 130 MW of solar photovoltaic (PV) projects due for commissioning in the third quarter of 2022, Iberdrola said.

The projects come from Iberdrola’s portfolio, the Spanish utility adds.

Mapfre holds an 80% stake in the JV, with Iberdrola owning the remainder and taking on the developing, construction and wind farm operation duties.

Under the agreement, the JV will fill up with more operating assets over time, as well as add new developing renewable energy projects from Iberdrola’s pipeline until the portfolio hits 1 GW.

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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