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Repsol sells 49% stake in Spanish wind and solar portfolio to Schroders Greencoat

Repsol has sold a 49% minority stake in a 400 MW renewable portfolio in Spain to Schroders Greencoat for €580 mn, confirming its co-investment strategy to optimise project profitability.

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Repsol S.A. has entered into an agreement with Schroders Greencoat, the specialist renewable infrastructure manager of Schroders Capital, for the sale of a 49% stake in a 400-megawatt (MW) wind and solar electricity generation portfolio located in Spain. The transaction values the entire portfolio at €580 mn, according to the statement released on 26 March.

The portfolio includes eight wind farms, totalling 300 MW, located in the provinces of Huesca, Zaragoza, and Teruel, as well as two solar plants with a combined capacity of 100 MW in the province of Palencia. All facilities are expected to be operational in the first half of 2025. Repsol will retain control of the assets.

Financial structuring and optimisation strategy

As part of the transaction, Repsol secured a €348 mn syndicated loan in December 2024 from Banco Bilbao Vizcaya Argentaria (BBVA), Crédit Agricole Corporate and Investment Bank (CIB), Banco Sabadell, and the Spanish Official Credit Institute (ICO). The objective is to optimise the financial structure of its projects and secure double-digit returns.

This is the fifth such operation undertaken by Repsol since November 2021. The company currently operates 3,700 MW of renewable capacity, more than 2,600 MW of which are in Spain, and it maintains a global development pipeline of 60,000 MW at various stages.

First deal by Schroders Greencoat Europe Fund

For Schroders Greencoat, this acquisition represents the inaugural investment by the Schroders Greencoat Europe SCSp Fund, launched in November 2024 with over €220 mn in initial capital. The fund aims to build a diversified portfolio of energy transition assets across Europe, with a primary focus on renewable infrastructure, complemented by investments in storage, renewable hydrogen, energy efficiency, and mobility.

Adam Basnett, Portfolio Manager at Schroders Greencoat, stated that the partnership with Repsol represents a strategic step for the fund, involving high-quality assets backed by long-term power purchase agreements. Victor Monje, Head of Investments for Iberia, underlined Schroders’ commitment to expanding its footprint in Spain, a key market since 2022.

Schroders Greencoat manages over 430 renewable infrastructure assets across Europe, the United Kingdom, and the United States, with a combined net generation capacity exceeding 7.4 gigawatts (GW). The company, founded in 2009, specialises in executing investment strategies in energy infrastructure.

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