Mapfre strikes up strategic alliance with Iberdrola
Spain-headquartered global insurance company Mapfre has entered into a strategic alliance with Spanish electric power company Iberdrola, with the two companies to launch a joint venture for investment in renewable energy projects.
Mapfre will be the majority shareholder in the co-investment vehicle, with an 80% stake, while Iberdrola will hold the remaining 20%.
The new entity will have control over 230MW of green energy projects, comprising both wind and solar, from Iberdrola’s portfolio, and the agreement foresees adding more operating assets, as well as new renewable energy development projects from Iberdrola’s portfolio totalling 1GW of generation capacity.
Law firm King & Wood Mallesons advised Mapfre on the formation of the strategic alliance and joint venture, with a team coordinated by the firm’s M&A partner Roberto Pomares, and which also featured energy partner Gonzalo Olivera and senior associates Victoria Ruenes, from the M&A team, and Alberto Artés from the firm’s energy team.
“Despite the global economic crisis, the energy sector in Spain, especially renewables, is demonstrating its strength,” Pomares said.
“If the activity in the sector remained high during 2020, we think that this trend will continue throughout 2021. This new project between Mapfre and Iberdrola is a clear example of the interest that the Spanish renewable energy sector has for investors, both national and international," he added.
Through this alliance, Mapfre reinforces its commitment to sustainable investments in Spain. To date, the insurance group has been making all these investments in alternative assets through real estate, infrastructure and private capital funds.
Madrid-headquartered Mapfre has a presence in 40 countries, while Iberdrola, which has its headquarters in Bilbao, has a presence in 11, and has established itself in recent years as a major player in the global renewable energy generation space.
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