King & Wood Mallesons (“KWM”) has advised MAPFRE on its strategic alliance with the energy group Iberdrola for the incorporation of a joint venture aimed to the investment in renewable energy projects. This is a pioneering co-investment vehicle where MAPFRE is the majority shareholder with an 80% stake, while Iberdrola holds the remaining 20%.
The new entity will have 230 MW of green projects, both wind and photovoltaic, from Iberdrola’s portfolio. 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 KWM legal team that is collaborating with MAPFRE in this project is coordinated by M&A Partner Roberto Pomares. Other professionals involved in the deal are Energy Partner Gonzalo Olivera and Senior Associates Victoria Ruenes (M&A) and Alberto Artés (Energy).
Roberto Pomares says: “despite the global economic crisis, the energy sector in Spain, especially renewables, is demonstrating its strength. 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".
Through this alliance MAPFRE reinforces its commitment with 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.