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MAPFRE and Iberdrola take their strategic alliance one step further, incorporating a further 100 MW through a joint venture

Jul 12, 2021

Redacción Mapfre

Redacción Mapfre

MAPFRE solidifies its commitment to sustainable investment in Spain, while Iberdrola continues its renewable growth plan and its asset turnover strategy


  • The two companies have established Energías Renovables Ibermap S.L as a co-investment vehicle, with facilities totaling 325 MW (195 MW of operational wind farms and 130 MW of photovoltaic projects under development) and they will continue to develop green projects up to 1,000 MW
  • MAPFRE launches the first renewables fund, MAPFRE Energías Renovables I FCR, as an investment channel


MAPFRE and Iberdrola have taken one more step forward in their strategic partnership with a joint investment in renewable energy in Spain. The two companies formed Energías Renovables Ibermap S.L (Ibermap Renewables), a pioneering co-investment vehicle that, after incorporating a further 95 megawatts (MW), now has facilities with a total output of 325 MW: 195 MW of operational wind farms and 130 MW of photovoltaic projects under development. As part of their alliance, the two leading companies also envisage incorporating further assets until the joint investment reaches 1,000 MW.

MAPFRE owns 80 percent of the newly established co-investment vehicle, while Iberdrola will hold 20 percent and will be responsible for the promotion, construction and maintenance of the renewable energy projects.

The recently incorporated 95 MW consists of operational wind farms, all in Andalusia, adding to the 230 MW announced in April. Of the total figure, a further 100 MW of wind turbines are also operational and are located in Castile and León. The remaining 130 MW comprises photovoltaic energy from facilities under development in Castile-La Mancha. These are scheduled to be commissioned during the third quarter of 2022.

The project between the two industry leaders was also recently brought to life through MAPFRE's creation of the first renewables fund, Energías Renovables I FCR, through which the insurance group will channel its investment. This fund will also be open to other institutional investors, as with similar MAPFRE investments in real estate, infrastructure, venture capital and traditional assets.

Greater commitment to investments

The alliance between Iberdrola and MAPFRE allows both companies to combine their respective market-leading capabilities and strengths. It is a sign of their commitment to the energy transition and the green economy as a way to recover industry and employment and transform Spain's industrial network. The alliance provides Iberdrola with a partner for its sustainable growth plan in Spain and its asset turnover strategy, and in turn allows MAPFRE to strengthen its commitment to sustainable investment in the country by working with a world leader in renewable energy. Elsewhere, MAPFRE's first infrastructure fund closed its first year at the end of 2020 with assets worth more than 300 million euros. This investment channel was launched in conjunction with ABANTE to invest in funds belonging to Macquarie Infrastructure and Real Assets (MIRA), the world's largest infrastructure group.

MAPFRE's commitment to socially responsible investment is one of the hallmarks of MAPFRE AM, the Group's asset management company, and the largest independent asset manager in Spain, with more than 40 billion euros in assets under management. Moreover, it is the only Spanish company to have been awarded the French Ministry of Finance's prestigious SRI Label.

In recent months, Iberdrola and MAPFRE have also made progress in their agreement whereby the insurer's commercial network of roughly 3,000 offices in Spain will offer personalized and 100-percent renewable products from the energy company.

MAPFRE will work with Kobus Partners to manage the fund, while Blue Tree Asset Management and King & Wood Mallesons have respectively acted as technical and legal consultants.

Green investments to promote economic recovery

Iberdrola has spent the last two decades leading the energy transition and acting as a key driver in transforming the industrial network and the green recovery of the economy and employment. The energy company has launched a historic investment plan of 150 billion euros over the next decade—75 billion by 2025—tripling renewable capacity and doubling network assets, and taking advantage of the opportunities presented by the energy revolution that the world's major economies are poised to undergo.

In Spain, its investments for 2025 amount to 14.3 billion euros, mainly allocated to the deployment of an ambitious plan to develop renewable energy and smart electricity networks. In Spain, it is a leader in the renewables sector, with its facilities totaling a capacity of more than 17,500 MW. Its investment plan seeks to increase this to 25,000 MW by 2025.

After investments of 120 billion euros over the last twenty years, Iberdrola is a leader in renewable energy with 35,000 MW installed in the world, which makes its infrastructure one of the cleanest in the energy sector. With emissions of 28 grCO2/kWh—already two-thirds below the European average—together with its strategy of investment in clean energy and networks, Iberdrola is well on the way to becoming a carbon neutral company in Europe by 2030.


MAPFRE is a global insurance company with a worldwide presence. It is a benchmark company in the Spanish market, the largest Spanish insurer in the world, one of the top multinational insurance companies in Latin America, and is ranked sixth largest in Europe in terms of Non-Life premium volume. MAPFRE has close to 34,000 employees and its revenue in 2020 was approximately 25.5 billion euros.
About Iberdrola
Iberdrola is one of the leading global energy companies. Ranking third highest in the world by market capitalization and leader in renewables, it is spearheading the energy transition to a low-emission economy. The group supplies energy to nearly 100 million people in dozens of countries and has renewable, network and commercial operations in Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. It also maintains markets such as Japan, Ireland, Sweden and Poland as growth platforms. With a workforce of over 37,000 people and assets of more than 122.5 billion euros, in 2020 it posted a revenue of over 33 billion euros and a net profit of 3.6 billion euros. The company contributes to maintaining 400,000 jobs in its supply chain, making annual purchases totaling 14 billion euros. A leader in the fight against climate change, it has spent more than 120 billion euros over the last two decades building a sustainable energy model based on solid environmental, social and governance (ESG) principles.
MAPFRE’s growing commitment to the best financial agents

MAPFRE’s growing commitment to the best financial agents

MAPFRE’s most valuable asset is its extensive network of agents in the markets it operates in. The Group has the largest distribution network in Spain in terms of size and capacity—part of the company’s DNA when it comes to the insurance business. .

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