Iberdrola takes over reins of renewables JV with Mapfre

March 31 (Renewables Now) - Spanish utility Iberdrola SA (BME:IBE) and insurance company Mapfre SA (BME:MAP) have added three 50-MW solar farms to their joint renewable energy investment vehicle and restructured the ownership of the business.

Iberdrola said on Friday that the partners now have a total of 445 MW worth of wind and solar power assets in Energias Renovables Ibermap, a company that they set up two years ago with a goal to invest in 1,000 MW of renewables in Spain.

The three new solar farms -- Almaraz, Romeral and Olmedilla -- come from Iberdrola’s portfolio. The addition changed the shareholding ratio in Ibermap, with Iberdrola now owning a 51% stake in the joint company and Mapfre the remaining 49%, the utility said.

When Ibermap was founded, Mapfre was the majority owner with an 80% stake, while Iberdrola held the remainder and took charge of development, construction and power plant maintenance.

"This new shareholding configuration provides a series of advantages, including, for example, that Ibermap will have a larger and more diversified portfolio, including solar photovoltaic plant assets, which provides greater stability and security in cash flows. In addition, assets with a longer useful life than the existing ones will be contributed to the vehicle," Iberdrola said in a press release.

The partnership expects to add more green projects to the joint portfolio, Iberdrola added without mentioning their initial 1,000-MW target.