Schroders Greencoat has acquired a 49% stake in a 400MW wind and solar portfolio being developed by Repsol, valued at €580m.
The portfolio includes eight wind farms, totalling 300MW, in the northern Spanish provinces of Huesca, Zaragoza, and Teruel.
The agreement also includes two solar plants, totalling 100MW, in the province of Palencia.
All the assets are expected to be operational during the first half of 2025.
The closing of the transaction is subject to administrative formalities by the purchaser.
Repsol said the agreement is a further step in it 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 BBVA, Crédit Agricole CIB, Banco Sabadell, and the Official Spanish Credit Institute (ICO).
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.”
The acquisition marks the first investment from the Schroders Greencoat Europe SCSp Fund, which successfully closed its first round of funding in November 2024 with over €220m of initial capital.
The fund is focused on building a diversified portfolio of energy transition assets across Europe, with a particular emphasis on renewable energy infrastructure, supplemented by an allocation to other energy transition investments in the grid infrastructure, battery storage, renewable hydrogen, energy efficiency, mobility and renewable heat sectors.
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 assetsall supported by long term offtake agreements.”
This is the fifth operation of its kind that Repsol has carried out since November 2021.
Repsol currently has 3700MW in operation and a global project portfolio of 60,000MW in various stages of development.
In Spain, it has more than 2600 MW of renewable energy in operation and more than 600MW under construction and development.
Schroders Greencoat has built a strong reputation for investment proposition execution and innovation since it was founded in 2009.
It has extensive experience in energy infrastructure, managing more than 430 renewable infrastructure assets across the UK, Europe, and the US, with an aggregate net generation capacity of more than 7.41GW.