Spanish electricity supplier Iberdrola and the energy group Repsol have established a joint venture company called Proyectos Integrados Energeticos. According to a report from Dow Jones, the $40 million company will concentrate on integrated energy projects.

The two companies signed a strategic alliance at the beginning of 1997. They announced plans for the unnamed joint venture in November last year. The companies plan to invest $3 billion in the joint venture over the next five years.