The much anticipated films will shoot consecutively for nine weeks in Spain on locations in Madrid, Castilla La Mancha and Andalusia before moving on to Puerto Rico.
Benicio del Toro stars as the Argentinean-born revolutionary. Julia Ormond, Franka Potente, Jorge Perugorria and Catalina Sandino co-star. Spanish supporting cast includes Oscar Jaenada, Jordi Molla, Eduard Fernandez and Ruben Ochandiano.
The first film, El Argentino, focuses on his role in the Cuban revolution, while Guerrilla follows the spread of his revolutionary model until his death in Bolivia.
Spain's Telecinco Cinema and Morena Films are co-producing with US-based Guerrilla Films. The Spanish partners are bringing 25% of the estimated $70m budget on the two films. Wild Bunch is handling international sales. Post-production will take place in Spain.
This is the first project for broadcaster Telecinco's new film label Telecinco Cinema. Under previous banner Estudios Picasso the channel produced Guillermo del Toro's international phenomenon Pan's Labyrinth as well as the Euros 24m Viggo Mortensen starrer Alatriste, Spain's top-grossing local film in 2006.
Telecinco and Morena Films previously collaborated on Salir Pitando, a comedy co-produced by Columbia Films Producciones Espana and distributed internationally by Sony Pictures Releasing International. That film will premiere in Spain in September.