Schroders Greencoat has acquired a 49% stake in a €580m portfolio of eight wind farms and two solar plants in Spain from Repsol.
The portfolio includes eight wind farms, totaling 300MW, in the northern Spanish provinces of Huesca, Zaragoza, and Teruel. The agreement also includes two solar plants, totaling 100MW in the province of Palencia. All the assets are expected to be operational during the first half of 2025.
The acquisition marks the first investment from the Schroders Greencoat Europe SCSp Fund, which closed its first round of funding in November 2024 with over €220m of initial capital. The targets European energy transition assets, mainly renewables, with grid, storage, hydrogen and related sectors.
Repsol said, the deal is a further step in its strategy for the renewable power business, which focuses on optimising the financial structure and profitability of the projects by incorporating partners into the assets to maximise value generation and ensure double-digit returns.
Repsol will maintain control of the assets. As part of the transaction, in December 2024 Repsol arranged a long-term syndicated loan financing of €348m with financial institutions BBVA, Crédit Agricole CIB, Banco Sabadell, and the Official Spanish Credit Institute.
Repsol’s executive managing director of low carbon generation, João Costeira, said: “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.”
Adam Basnett, portfolio manager for Schroders Greencoat, said: “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 of assets all supported by long term offtake agreements.”
Victor Monje, head of investments for Schroders Greencoat in Iberia said highlighted this transaction as “a sign of our commitment to driving the energy transition in Europe with industry leaders”.
He added: “These assets add to our existing portfolio in Spain, a leading region for renewable energy projects where we began investing in 2022 and to expand our investments.”
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