Mapfre, as promoter; Abante, as manager; and IAM Carbonzero, as advisor, have relaunched their biomethane fund with a new capacity of €100 million, expanding this time to cover the entire Iberian Peninsula, that is, both Spain and Portugal. The vehicle, named Bioenergy Agro Iberia FCR, follows the same model implemented three years ago, which closed its first round in mid-2025, even exceeding its initial target by raising around €110 million, with the support of institutional investors such as the ICO.
The new fund aims to invest in a diversified portfolio of biomethane projects in Spain and Portugal, also including complementary activities such as the management of biofertilizers, biocompost, logistics, and the production and commercialization of CO₂ for greenhouses. Its structure provides for a duration of 12 years, extendable up to 15, with an investment period of five years that may be extended to seven, and a target net IRR above 12%.
The first edition of the fund has already financed the development of 19 biomethane plants—within an initial target of 20 to 25—which will begin operations throughout 2027. According to Mapfre’s estimates, these facilities will generate around 70 direct jobs and up to 240 indirect jobs, consolidating the project’s economic and territorial impact.
The fund’s strategy is based on “an early-stage market with strong growth potential and a favorable European regulatory framework, which allows value capture at an early stage,” according to Abante. Moreover, it is a non-correlated asset compared to traditional markets, with stable cash flows, “supported by contracts linked to the CPI and high entry barriers, typical of essential infrastructure.”
In this regard, the manager highlights that “the sector shows lower volatility, high resilience, and pricing power, attributes that reinforce the stability of the expected return.” The fund is also “fully aligned” with the energy transition, the circular economy, and ESG criteria, under the EU SFDR Article 9 classification.
A notable innovation in this new edition is that investments may extend beyond Spain, with a particular focus on Portugal, thus expanding the vehicle’s geographical reach within the European framework. With this, Mapfre, Abante, and IAM Carbonzero reinforce their commitment to a strategic sector in decarbonization and the development of sustainable energy solutions
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