Mapfre enters the renewables business with Iberdrola

Javier González Navarro

Madrid

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Iberdrola and Mapfre have created a pioneering joint venture vehicle between an energy company and an insurance company that will have 230 MW in green projects – both wind and photovoltaic – from the energy company’s asset portfolio. The agreement provides for the incorporation of other operating assets, as well as new renewable energy development projects from the energy portfolio, up to 1,000 MW.

The vehicle will be 80% owned by Mapfre, while Iberdrola will keep 20% and, in addition, it will be in charge of the promotion, construction and maintenance of the wind farms.

The 100 MW in operating assets are located in Castilla y León, distributed in 2 wind farms, in Soria and Burgos. The 130 MW photovoltaic are in the development phase in Castilla-La Mancha, in the province of Guadalajara, and their commissioning is scheduled during the third quarter of 2022.

It should be remembered that both companies signed an agreement last January through which the insurance company’s commercial network in Spain, made up of about 3,000 offices, offers personalized and 100% renewable energy company products.

For Ignacio Galán, Chairman of Iberdrola, «the alliance shows the need to work together, with commitments and deeds, to lead the transition to a low carbon economy, engine of reindustrialization and job creation in our country.

For his part, Antonio Huertas, President of Mapfre, pointed out that «this alliance between leaders allows us to grow together and, in our case, continue to diversify our portfolio in a low interest rate environment, and meet our objective of promoting investments with a positive environmental impact. At the same time, we continue along this path with our commitment to energy efficiency as an instrument for green growth based on a low-carbon economy ”.

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