Mapfre and Iberdrola are collaborating closely in the energy area having signed a 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, using 230 MW of green projects, both wind and photovoltaic, from the energy utility’s portfolio.
Many insurers are now coming under pressure from governments to walk away from carbon infrastructure, whether it’s insuring the risk, or investing in new power capacity. That leaves the climate friendly wind, solar or water options – plus things like battery plants for EVs.
After investing €120 billion in the last 20 years, Iberdrola is at the cutting edge of renewable energies, with almost 35,000 MW installed worldwide, a volume that makes its generation facilities among the cleanest in the energy sector. 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 of the energy company’s portfolio, reaching 1,000 MW.
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, says that “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.”
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.