Insurer Mapfre launches Spanish renewable energy fund

Spanish insurer Mapfre has created a renewable energy investment fund and is inviting other institutional investors to invest money alongside its own allocations.

The fund is Mapfre’s first renewables fund and is a co-investment product with Iberdrola, a Spanish energy company, and will be managed with the help of Kobus Partners.

The Mapfre Energías Renovables I FCR joins other Mapfre funds in being a channel for its own investments and those of fellow institutions. Other funds include real estate, infrastructure and venture capital.

Mapfre and Iberdrola have also announced Energías Renovables Ibermap, another co-investment vehicle that has invested in operational wind farms in Spain that have – or will have when completed – an energy output of 325 mega-watts (MW).

The vehicle is expected to reach 1,000 MW when other assets are added.

Mapfre owns asset manager Mapfre Asset Management, which has €40 billion of assets under management.

The insurer and Iberdrola announced their alliance in April 2021, the aim of which is to pool their resources and fund the energy transition and green economy “as a way to transform Spain’s industrial network, sparking industry recovery and employment”.

Iberdola has a €150 billion investment plan for the next decade, of which €75 billion will be invested by 2025, to triple renewable capacity and double network assets.

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