Spain’s Mapfre and the nation’s utility player Iberdrola have signed a strategic alliance to make joint investments in renewable energies in Spain.

Both parties 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.

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.

Commenting on the move, Antonio Huertas, (pic) chairman and CEO of Mapfre, said 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,” he added.

According to Ignacio Galán, chairman of Iberdrola, “the alliance illustrates the need to work together, with commitment and action, to lead the transition toward a low-carbon economy, drive reindustrialization and create jobs in our country”.

“This urgent strategy has the backing of the European Union and bodies like the International Energy Agency,” he added.

“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.”

After investing €120 billion in the last 20 years, Iberdrola claims to be at the cutting edge of renewable energies, with almost 35,000 MW installed worldwide.