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Iberdrola and MAPFRE have created a new strategic alliance to make joint investments in renewable energies in Spain. The utility and the insurance company have set up a pioneering co-investment vehicle to achieve their goals that includes 230 MW of green projects, both wind and solar photovoltaic (PV), from the utility's portfolio. The agreement foresees adding more operating assets over time, as well as new renewable projects under development from the energy company's pipeline, targeting 1000 MW.
MAPFRE is the majority shareholder in the vehicle with an 80% stake, while Iberdrola holds the remaining 20% and is responsible for developing, building and operating the wind farms.