
Spanish energy company Repsol S.A. is partnering with Schroders Greencoat in a 400-megawatt (MW) wind and solar portfolio, valued at EUR 580 million ($626.4 million).
Repsol said in a media release that Schroders Greencoat has acquired a 49 percent share in a portfolio of eight wind farms, with a total capacity of 300 MW, located in the northern Spanish provinces of Huesca, Zaragoza, and Teruel. The agreement also encompasses two solar facilities, amounting to 100 MW, in the province of Palencia. All of these assets are anticipated to become operational in the first half of 2025, Repsol said.
Repsol said it will maintain control of the assets. In December 2024, Repsol arranged a long-term syndicated loan financing of EUR348 million ($375.8 million) with BBVA, Crédit Agricole CIB, Banco Sabadell, and the Official Spanish Credit Institute (ICO).
“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”, João Costeira, Repsol’s Executive Managing Director of Low Carbon Generation, said.
This is the first investment by Schroders Greencoat Europe SCSp Fund, which secured over EUR 220 million ($237.6 million) in its initial November 2024 funding. The fund, aimed at a diverse European energy transition portfolio, will prioritize renewable energy infrastructure while also investing in grid upgrades, storage, hydrogen, efficiency, mobility, and renewable heat.
“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 assets all supported by long-term offtake agreements”, Adam Basnett, Portfolio Manager for Schroders Greencoat, said.
“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”, Victor Monje, Head of Investments for Schroders Greencoat in Iberia, added.
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