The Palma de Mallorca-based carrier confirms that the aircraft was due to operate the Madrid-Las Palmas route as flight JK5022, a service which also carries a Lufthansa codeshare.
Spanair says there were 164 passengers and nine crew on board, although SAS Group contradicts this figure, putting the numbers at 166 passengers and six crew.
© Javier Guerrero/AirTeamImages.com
The aircraft apparently overran the runway while attempting to depart, and at least one Spanish report suggests it had a problem with one engine.
"Spanair is giving its full support to the Spanish authorities at this difficult time," says the carrier.
SAS Group, the parent of Spanair, says few specific details are available but says it is doing "everything possible" to help those affected.
Meteorological information from Madrid at the time of the accident, around 14:45, shows weather conditions were good.