Spanish energy giant Repsol has entered into a strategic partnership with Schroders Greencoat, the renewable energy investment specialist of Schroders Capital, selling a 49% stake in a €580 million ($625 million) wind and solar portfolio with a combined capacity of 400 megawatts (MW).
The deal encompasses eight wind farms totalling 300 MW located in the northern Spanish provinces of Huesca, Zaragoza, and Teruel, alongside two solar power plants with a combined capacity of 100 MW in Palencia. All ten assets are slated to become operational in the first half of 2025. The transaction remains subject to final regulatory approvals.
The agreement marks a key milestone in Repsol’s strategy to enhance the profitability and financial structure of its renewables business by bringing in strategic partners. Despite the partial divestment, Repsol will retain control of the assets.
In support of the transaction, Repsol secured a €348 million long-term syndicated loan in December 2024, arranged with BBVA, Crédit Agricole CIB, Banco Sabadell, and the Spanish state-owned ICO (Instituto de Crédito Oficial).
João Costeira, Executive Managing Director for Low Carbon Generation at Repsol, said: “The alliance with a partner like Schroders Greencoat, one of the world’s foremost renewable infrastructure managers, at a time of abundant market offerings, underscores the quality and market appeal of our portfolio.”
The acquisition represents the inaugural investment from the Schroders Greencoat Europe SCSp Fund, which closed its first funding round in November 2024 with over €220 million in capital. The fund aims to build a pan-European portfolio of energy transition assets, focusing primarily on renewables, and extending into grid infrastructure, battery storage, renewable hydrogen, energy efficiency, mobility, and renewable heat.
“We are delighted to have completed the Fund’s first transaction. Partnering with Repsol is an important first step in executing our investment strategy, underpinned by high-quality assets with long-term offtake agreements,” said Adam Basnett, Portfolio Manager at Schroders Greencoat.
Victor Monje, Head of Investments for Iberia at Schroders Greencoat, added: “This deal reinforces our commitment to driving Europe’s energy transition alongside industry leaders. These assets complement our existing Spanish portfolio, a market where we’ve been active since 2022 and continue to see growth potential.”
This is Repsol’s fifth such partnership since November 2021, as the company continues to scale its global renewables footprint. Repsol currently operates 3,700 MW in renewable capacity, with a development pipeline of 60,000 MW worldwide. In Spain alone, it has more than 2,600 MW in operation and a further 600 MW in the pipeline.
Schroders Greencoat, established in 2009, manages over 430 renewable infrastructure assets across the UK, Europe, and the US, with a combined net generation capacity exceeding 7.4 GW.
