Repsol has partnered with Schroders Greencoat, the renewable energy arm of Schroders Capital, to acquire a 49% stake in a Spanish renewable portfolio valued at €580m ($626m).
The 400MW portfolio includes a combination of eight wind farms, generating 300MW, across Spain’s northern provinces of Huesca, Zaragoza and Teruel, along with two solar plants in Palencia, contributing 100MW.
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These renewable energy assets are projected to begin operations by mid-2025.
The move forms part of Repsol’s ongoing strategy to enhance its renewable energy portfolio by collaborating with external partners to optimise the financial performance of its projects.
The company secured a €348m long-term syndicated loan in December 2024, with BBVA, Crédit Agricole CIB, Banco Sabadell and the Official Spanish Credit Institute participating in the financing.
The agreement marks the first investment from the newly established Schroders Greencoat Europe SCSp Fund, which closed its inaugural funding round in November 2024, raising more than €220m.
This deal is the fifth such partnership for Repsol since late 2021, re-inforcing the company’s position in the renewable energy sector.
Repsol low carbon generation executive managing director João Costeira stated: “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.”
Repsol currently operates 3.7GW of renewable capacity globally and has 60GW in various stages of development.
Within Spain, the company has 2.6GW of renewable energy in operation and more than 600MW under construction.
Schroders Greencoat portfolio manager Adam Basnett 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.”
In July 2024, Repsol teamed up with EDF Renewables on offshore wind tenders in Spain and Portugal.
