Spanish energy giant Iberdrola and insurance company Mapfre have announced that Energías Renovables Ibermap, their joint venture (JV) company, has reached 445MW.

The portfolio includes 29MW in wind and 150MW in photovoltaic projects comprising three schemes, each with 50MW of capacity.

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These solar projects, known as Almaraz, Olmedilla and Romeral, are located in Castilla-La Mancha and Extremadura, Spain.

With the addition of the solar projects to the portfolio, Iberdrola has now become the majority shareholder in the JV with a 51% stake, while MAPFRE owns the remaining 49% interest.

The new solar projects are expected to provide greater stability and security in cash flows to Energías Renovables Ibermap.

Iberdrola is committed to energy transition, and announced plans to invest €47bn between 2023 and 2025 to increase its renewable capacity and strengthen its smart grids.

Over the last twenty years, the company’s total investments around the world have amounted to €140bn, with an installed capacity of 40GW.

Up to 2025, the company aims to spend up to €6bn on renewables and smart grids in Spain alone. It has a current portfolio of almost 20GW of renewable energy projects in the country.

In 2018, MAPFRE also committed to invest in alternative assets, including renewable energy, real estate, infrastructure, private equity and private debt funds.

In total, it has pledged to invest up to €1.35bn to help diversify its investment portfolio of over €41bn.

Iberdrola entered a strategic alliance with MAPFRE in July 2021, with MAPFRE holding an 80% stake and the remaining 20% held by Iberdrola. The JV had a portfolio of 325MW, of which 195MW included operational wind and 130MW included solar under development. The energy company was also in charge of promoting, building and maintaining the projects.