On the renewable energy front Repsol has partnered with Schroders Greencoat. Jointly, the two have purchased a 49% interest in Spanish renewable asset portfolio, worth €580 million ($626 million). This strategic development partnership is another key step for Repsol in its commitment to enhance its renewables portfolio. The joint venture includes eight wind farms located throughout Spain’s northern provinces of Huesca, Zaragoza and Teruel. Combined, they produce a whopping 300MW of power. The portfolio consists of two solar plants located in Palencia. They keep bringing more on line, another 100MW, increasing the cumulative capacity to 400MW.
The strategic shift is the latest in Repsol’s previously announced plan to grow its presence in the renewable energy sector. By working with external partners like Schroders Greencoat, Repsol hopes to improve the financial returns of its projects. Today, the firm has 2.6GW of renewable energy in operation across Spain and over 600MW more are currently under construction. Signed by Repsol, this agreement is further evidence of the company’s commitment to enhancing its presence within the renewable arena. It’s the fifth such partnership announced since the end of 2021.
“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
The agreement marks the inaugural investment for the newly launched Schroders Greencoat Europe SCSp Fund. This fund closed its first funding round successfully in November 2024, raising more than €220 million. The partnership is well-positioned to provide sustainable, long-term value with stable, high-quality assets underpinned by long-term offtake agreements.
“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 assets all supported by long-term offtake agreements.” – Adam Basnett
Looking ahead, the renewable energy assets are expected to come online starting in mid-2025. To back up these bullish moves, Repsol signed a €348 million ($469 million) long-term syndicated loan in mid-December 2024, emphasizing their commitment to renewables. That loan was granted by a consortium that consists of the U.S. It included BBVA, Crédit Agricole CIB, Banco Sabadell and Instituto de Crédito Oficial (Official Spanish Credit Institute).