Renewable

July 12 (Renewables Now) - Spanish insurer Mapfre SA (BME:MAP) and utility group Iberdrola SA (BME:IBE) have added 95 MW of wind farms operating in Spain’s Andalusia region to the portfolio of their renewable energy joint venture (JV).

The JV, which launched this spring with a 1-GW target in mind, now has a name, Energias Renovables Ibermap SL, Iberdrola announced it on Monday. The entity is constituted as a co-investment vehicle with Mapfre holding an 80% stake.

Iberdrola owns the remaining 20%, and is responsible for the development, construction and maintenance of the projects.

The joint ambition is further supported by Mapfre’s first renewable energy fund, Mapfre Energias Renovables I F.C.R, through which the insurance company will channel its investment. This fund will be open to institutional investors, Iberdrola said.

Before the latest capacity addition, the Iberdrola-Mapfre asset pile consisted of 100 MW of operating wind farms in the Castile and Leon region, and 130 MW of solar PV projects in development in Castile-La Mancha. The solar projects are slated to start operation in the third quarter of 2022, Iberdrola reiterated.

All plants and projects in the joint portfolio come from Iberdrola’s pipeline. The utility plans to keep contributing until the portfolio reaches 1 GW.