MAPFRE and Iberdrola form strategic alliance to invest in renewable energy in Spain

Insurer MAPFRE and energy utility company Iberdrola are collaborating closely in the energy arena having signed a strategic alliance to make joint investments in renewable energies in Spain.

The companies have set up a co-investment vehicle to achieve their goals, using 230MW of green projects, both wind and photovoltaic, from Iberdrola’s portfolio. After investing €120 billion in the last 20 years, Iberdrola is a renewable energy leader, with almost 35,000MW installed worldwide.

MAPFRE is the majority shareholder in the vehicle with an 80 percent stake, while Iberdrola holds the remaining 20 percent and is responsible for developing, building and maintaining the wind farms. The agreement foresees adding more operating assets, as well as new renewable energy development projects from the energy company’s portfolio, reaching 1,000MW.

The alliance combines the strengths and skills of two leading companies, both of which are committed to the energy transition and the green economy as the road to recovery for industry and employment and to transform the industrial fabric of Spain.

Antonio Huertas, chairman and CEO of MAPFRE, said: “This alliance between leaders allows us to grow together and, in our case, to continue to diversify our portfolio in a low-interest rate scenario, and comply with our objective to boost investments with a positive impact on the environment. Meanwhile, we will continue on this road with our commitment to energy efficiency as an instrument for green growth based on a low carbon economy.”

Ignacio Galán, the chairman of Iberdrola, added: “The alliance illustrates the need to work together, with commitment and action, to lead the transition toward a low-carbon economy, drive reindustrialisation and create jobs in our country. This urgent strategy has the backing of the European Union and bodies like the International Energy Agency. At MAPFRE, we have found an ideal partner to drive investments and projects in the technologies of the future, enabling us to build a stronger, more competitive and sustainable economy for all.”

This also represents a strengthening of the collaboration between Iberdrola and MAPFRE in the energy area: in January, they reached an agreement whereby the insurer’s sales network in Spain, comprising around 3,000 offices, supplies personalised and 100 percent renewable products from the energy company; the first alliance of this nature between an insurance provider and an energy utility in Spain.

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