Spain’s Official Credit Institute (ICO) has announced a €15 million investment into its bespoke biomethane fund.
Last year ICO, with its partner IAM Carbonzero, launched the MAPFRE Energías Renovables II, FCR fund - Europe's first fund dedicated to biomethane, according to the organisation.
ICO will be investing €15 million in the fund through Axis, its venture capital subsidiary.
Specifically, Axis will make the investment through its own fund named Fond-ICO Sostenibilidad e Infraestructuras, which promotes investment in infrastructure projects for sustainable mobility, renewable energies and circular economy.
Since its launch, the MAPFRE Energías Renovables II fund has been developing a total of nine plants across Extremadura, Castile and León and Madrid.
The construction phase of these projects is expected to begin during Q4 2024 and the beginning of 2025, with operations commencing in the same year.
In addition, IAM Carbonzero has identified 20 projects in the origination phase in the regions of Andalusia, Aragon, Catalonia, Castilla-La Mancha, Murcia and Galicia.
MAPFRE’s aim during its first phase is to raise up to €100 million - for construction and development of 20 to 25 biomethane plants in Spain over a five-year period.
“Europe’s first biomethane fund” receives €15m investment
