King & Wood Mallesons 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.
Iberdrola SA (BME:IBE) has formed a joint venture (JV) with Spanish insurer Mapfre SA (BME:MAP) to invest in up to 1 GW of renewable energy projects in Spain. 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 was coordinated by M&A Partner Roberto Pomares (Picture). Other professionals involved in the deal are Energy Partner Gonzalo Olivera and Senior Associates Victoria Ruenes (M&A) and Alberto Artés (Energy).
Clients: Mapfre SA;