Spanish insurance giant MAPFRE launches first renewables fund - a co-investment vehicle with Spanish energy company Iberdrola

The launch of MAPFRE Energías Renovables I FCR a part of an ongoing strategic alliance with the Spanish energy company towards creating sustainable investment products for the region and European investors.

Energías Renovables I FCR will be used by the insurance group both to channel its own investments into renewables, but also to allow other institutional investors to tap into the strategy, as is the case with similar MAPFRE investments in real estate, infrastructure, venture capital and traditional assets, the company said in a statement. 

MAPFRE will work with Kobus Partners to manage the fund, while Blue Tree Asset Management and King & Wood Mallesons have respectively acted as technical and legal consultants.

Simultaneous to the fund launch, MAPFRE and Iberdrola have also announced Energías Renovables Ibermap S.L (Ibermap Renewables), a pioneering co-investment vehicle that, after incorporating a further 95 megawatts (MW) of operational wind farms in Andalucia, now has facilities with a total output of 325 MW.

MAPFRE owns 80 percent of the co-investment vehicle, while Iberdrola holds 20 percent and will be responsible for the promotion, construction, and maintenance of the renewable energy projects.

MAPFRE AM, the group's asset management company is the largest independent asset manager in Spain, with more than EUR 40bn in assets under management. In recent months, Iberdrola and MAPFRE have also made progress in their agreement whereby the insurer's commercial network of roughly 3,000 offices in Spain will offer personalised and 100 percent renewable products from the energy company.