Iberdrola and Mapfre agreed to form a joint venture Energías Renovables Ibermap, an investment firm to invest in renewable energy. The joint venture vehicle created is 80% owned by Mapfre, while Iberdrola will keep 20%, which will also be in charge of the promotion, construction and maintenance of the renewable projects. Financial terms were not disclosed. Energías Renovables I FCR will be used by the insurance group both to channel its own investments into renewables, but also to allow other institutional investors to tap into the strategy, as is the case with similar MAPFRE investments in real estate, infrastructure, venture capital and traditional assets.