King & Wood Mallesons has advised the insurance company Mapfre on the incorporation into Energías Renovables Ibermap, its joint venture with Iberdrola, of several photovoltaic projects with a total capacity of 150 MW. This deal reinforces the strategic alliance between the two companies, whose joint project already reaches 445 MW of renewable energy in Spain.
With the inclusion of these new assets, Iberdrola becomes the majority shareholder, with 51%, while Mapfre consolidates with the remaining 49% of Energías Renovables Ibermap.
The team of KWM lawyers has been led by Corporate partner Roberto Pomares, with the collaboration of counsel Alberto Artés (Energy), senior associates Victoria Ruenes (Corporate) and Pablo Salamanca (Real Estate) and associates Rosa Chen (Corporate) and Óscar Fuertes (Tax).
Energías Renovables Ibermap, created two years ago, represents a pioneering vehicle in co-investment which so far includes 295 MW of wind power and 150 MW of photovoltaic, expecting to incorporate new assets in the future.
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