Repsol S.A. has announced an agreement with Schroders Greencoat, the specialist renewable infrastructure arm of Schroders Capital, for the sale of a 49% stake in a portfolio of assets in Spain totalling an installed capacity of 400 megawatts (MW). The portfolio, valued at €580mn, consists of eight wind farms located across the provinces of Huesca, Zaragoza, and Teruel (300 MW), as well as two solar plants situated in Palencia (100 MW).
New milestone in Repsol’s capital optimisation strategy
The transaction, subject to administrative formalities, aligns with Repsol’s strategy of integrating financial partners into its assets to optimise capital structure and ensure double-digit returns. Repsol will retain operational control of the assets. To support the transaction, the Spanish company arranged a syndicated loan of €348mn in December 2024, involving BBVA, Crédit Agricole CIB, Banco Sabadell, and the Spanish Official Credit Institute (ICO).
First investment for Schroders Greencoat’s European fund
This partnership marks the first deal carried out by the Schroders Greencoat Europe SCSp fund, launched in November 2024 with over €220mn in initial capital. The fund aims to build a diversified portfolio of energy transition assets across Europe, including renewable generation infrastructure, as well as storage, smart grids, green hydrogen, and mobility sectors.
Expansion of Schroders Greencoat’s Spanish portfolio
The operation strengthens Schroders Greencoat’s position in the Spanish market, where it began investing in 2022. The UK-based manager, founded in 2009, currently oversees more than 430 renewable infrastructure assets across the UK, Europe, and the US, with an aggregate net generation capacity exceeding 7.4 GW.
According to João Costeira, Executive Managing Director of Low Carbon Generation at Repsol, the agreement reflects the “attractiveness and strength” of the company’s renewable project portfolio. For Schroders Greencoat, the acquisition represents a strategic first step in executing its investment policy focused on high-quality assets backed by long-term power purchase agreements.
