Schroders Greencoat has acquired a 49% stake in a 400MW wind and solar portfolio being developed by Repsol, valued at €580 million. The portfolio includes eight wind farms with a combined capacity of 300MW, located in the northern Spanish provinces of Huesca, Zaragoza, and Teruel, as well as two solar plants totaling 100MW in Palencia. The assets are expected to be operational in the first half of 2025.
The deal is still subject to administrative formalities and closing conditions by the purchaser. Repsol emphasized that the agreement aligns with its strategy to optimize the financial structure and profitability of its renewable projects by bringing in partners to maximize value generation and ensure double-digit returns. Despite the stake sale, Repsol will retain control of the assets.
As part of the transaction, Repsol arranged a long-term syndicated loan financing of €348 million in December 2024, supported by BBVA, Crédit Agricole CIB, Banco Sabadell, and the Official Spanish Credit Institute (ICO).
João Costeira, Repsol's executive managing director of Low Carbon Generation, commented, “The alliance with a partner like Schroders Greencoat, one of the world's leading renewable infrastructure managers, at a time when there is a wide offer of renewable assets for sale, highlights the quality and attractiveness of our portfolio in the market.”
This acquisition marks the first investment from the Schroders Greencoat Europe SCSp Fund, which closed its initial funding round in November 2024 with over €220 million in capital. The fund is focused on building a diversified portfolio of energy transition assets across Europe, emphasizing renewable energy infrastructure along with investments in grid infrastructure, battery storage, renewable hydrogen, energy efficiency, mobility, and renewable heat sectors.
Adam Basnett, portfolio manager for Schroders Greencoat, stated, “We are delighted to have made the Fund's first acquisition following the first close. Our partnership with Repsol signifies a first step in our investment strategy, and we look forward to working together to deliver long-term value for our clients with high-quality assets all supported by long-term offtake agreements.”
The transaction marks Repsol's fifth such deal since November 2021. Repsol currently has 3,700MW of renewable capacity in operation, with a global portfolio of 60,000MW in various stages of development. In Spain, the company operates over 2,600MW of renewable energy and has more than 600MW under construction or development.
Schroders Greencoat, founded in 2009, has built a strong reputation for executing energy infrastructure investments and managing more than 430 renewable assets across the UK, Europe, and the US, with a total net generation capacity exceeding 7.41GW.
