The utility and insurance company have set up a co-investment vehicle, starting out with 230MW of capacity, which includes 100MW of operational wind power and 130MW of solar projects under development.
They aim to add more green energy projects to reach a portfolio of up to 1,000MW.
MAPFRE is the majority shareholder with an 80% stake, while Iberdrola holds the remaining 20% stake and is responsible for developing and operating the wind farms.
Ignacio Galán, Chairman of Iberdrola said: “The alliance illustrates the need to work together, with commitment and action, in order to lead the transition towards a low carbon economy, drive re-industrialisation and create jobs in our country. This urgent strategy has the backing of the European Union and the International Energy Agency.
“In MAPRE we have found an ideal partner to drive investments and projects in the technologies of the future, enabling us to build a stronger, more competitive and sustainable economy for all.”