CORPORATE | 31.03.2023
MAPFRE and Iberdrola reinforce their strategic alliance, reaching almost 450 MW of renewable energy in Spain
- The inclusion of 150 MW of additional operational photovoltaic modules brings the jointly-held company’s total to 445 MW, which will be further expanded through new green energy projects.
Iberdrola and MAPFRE are reinforcing their strategic partnership in the energy sector in Spain. Both firms have incorporated 150 new photovoltaic megawatts (MW) into the company created two years ago, bringing the total to 445 MW, comprising 295 MW of wind power and 150 MW of photovoltaic power, through Renewable Energy Ibermap, the pioneering jointly-held co-investment vehicle, which envisages the incorporation of more assets in the future.
The new 150 photovoltaic MW come from three solar installations that are already operational in Castilla la Mancha and Extremadura (Almaraz, Olmedilla and Romeral) and which deliver 50 MW each. These plants are in addition to the 295 MW of wind farms already incorporated in 2021, spread across Burgos, Almería, Málaga, Sevilla, Soria and Tarragona.
This transaction increases the joint investment in renewable energy made by two leading companies, while the portfolio is diversified with new solar photovoltaic assets. The inclusion of these new assets sees Iberdrola became the majority shareholder, with 51 percent of the company, while MAPFRE consolidates its position with the remaining 49 percent.
This new shareholder configuration provides a series of advantages, including, for example, the fact that Ibermap will now have a larger and more diversified portfolio, including photovoltaic solar plant assets, which facilitate greater stability and security in cash flows. In addition, the new assets have a longer useful life than those currently held by the vehicle.
Iberdrola shows its commitment to Spain
Iberdrola has been leading the energy transition for two decades, acting as a key driving force in transforming industry, the economy and employment in Spain. The company has launched a historic investment plan of 47 billion euros between 2023 and 2025, which it is deploying to increase its renewable capacity and smart networks and leverage the opportunities presented by the energy revolution in the world’s main economies.
Investment in Spain will come to 6 billion euros by 2025, mainly in renewable energies and smart electricity networks. Iberdrola is underlining its commitment to the energy transition in Spain as the outright leader in renewables, with almost 20,000 MW of renewable energy in the country.
On the back of investments in excess of 140 billion euros over the 20 twenty years, the group is the global leader in renewable energy, with almost 40,000 MW installed worldwide; a volume that makes its generation capacity one of the cleanest in the energy sector.
MAPFRE is committed to ESG alternatives
MAPFRE boosted its commitment to alternative assets in 2018, joining forces with the best partners in the market and always with a strong ESG focus. In addition to the renewable energy sector, it has launched real estate, infrastructure, private equity and private debt funds. It has made total commitments of 1.35 billion euros, which help it diversify an investment portfolio that exceeds 41 billion euros.
MAPFRE is a global insurance company. It is the benchmark insurer in the Spanish market, the largest Spanish multinational insurance group in the world, the number one insurance group in Latin America and the sixth largest carrier in Europe by Non-Life premium volume. MAPFRE employs more than 31,000 professionals and in 2022, the company’s revenue was almost 29.5 billion euros, with net earnings of 642 million euros.