Repsol Buys Schroders Greencoat’s Spanish Solar Portfolio

Spanish multinational energy firm Repsol has joined forces with Schroders Greencoat, the specialist renewables manager of Schroders Capital, as a 49% partner in a 400 MW wind and solar portfolio, valued at $635.22 million in Spain.

The portfolio includes eight wind farms, totalling 300 MW, in the northern Spanish provinces of Huesca, Zaragoza, and Teruel. The agreement also includes two solar plants, totalling 100 MW, 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, which will maintain control of the assets, said.

This is the fifth operation of its kind that Repsol has carried out since November 2021. Repsol currently has 3,700 MW in operation and a global project portfolio of 60,000 MW in various stages of development. In Spain, it has more than 2,600 MW of renewable energy in operation and more than 600 MW under construction and development.

This agreement is a further step in Repsol’s 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.

As part of the transaction, in December 2024 Repsol arranged a long-term syndicated loan financing of $375.2 million with BBVA, Crédit Agricole CIB, Banco Sabadell, and the Official Spanish Credit Institute (ICO).

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 7.41 GW.

Asset Quality High

Repsol’s Executive Managing Director of Low Carbon Generation, João Costeira said that partnering with 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, highlighted 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 $237.19 million 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 that their partnership with Repsol signifies a first step in their investment strategy and the management was looking forward to working together to deliver long-term value for its clients with high quality of assets all supported by long term offtake agreements.

Victor Monje, Head of Investments for Schroders Greencoat in Iberia, said that this transaction is a sign of their commitment to driving the energy transition in Europe with industry leaders.

“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,” Monje added.