Spanish multinational insurance company MAPFRE has launched a European biomethane mutual fund, MAPFRE Energías Renovables II. The fund, created in partnership with financial consulting and asset management group Abante and IAM Carbonzero, targets investment in the development and construction of 20 or more biomethane power plants in Spain in next five years. This would equate to a five-fold increase in installed biomethane capacity in Spain, creating up to 70 permanent jobs and 240 indirect jobs. MAPFRE said that biomethane is an entirely green biofuel extracted from animal and vegetable waste that can be injected directly into the natural gas grid, generate electricity through engines, and be used as a fuel. The fund aims to raise up to €100 million (US$109.2 million) from institutional investors and private banking clients in its first phase, with it targeting returns of 12-15% per year. The launch of this fund marks the firm’s second renewable energy project, with its previous wind and photovoltaic partnership with electric utility company Iberdrola adding 150 megawatts (MW) last month, bringing the venture’s total to 445MW.
¡Seguimos apostando por los activos alternativos y por supuesto #ESG! Hoy te contamos cómo es el nuevo fondo que invierte en #biometano. Para su gestión, contamos con #IAMCarbonzero y @abanteasesores.
Un ejemplo más de #LaParteQueNosTocahttps://t.co/qNcCcSaIc6 pic.twitter.com/jPmBBRNkFy— MAPFRE (@MAPFRE) June 19, 2023
