UK fund manager Schroders Greencoat has closed the first investment transaction by the Schroders Greencoat Europe SCSp Fund with Repsol. After raising over 220 million euros in its first round of financing, which closed in November 2024, the fund is now announcing that it has purchased 49% of a portfolio comprising eight wind farms and two solar plants from the Spanish energy company, and with a combined capacity of 400 MW,.

The fund, which aims to create a diversified portfolio of energy transition assets across Europe, focuses on renewable energy infrastructure. Although the price of the transaction has not been specified, the British company values the entire portfolio at 580 million euros. Repsol will retain control of the assets.

Operational in the first half of 2025
The eight wind farms that make up the portfolio have a total capacity of 300 MW and are located in the provinces of Huesca, Zaragoza and Teruel. The two solar plants, which provide the remaining 100 MW of capacity, are located in the province of Palencia. All ten assets will be operational in the first half of 2025.

The transaction is in line with Repsol's strategy for the renewable energy business. The incorporation of asset partners, such as Schroders Greencoat, optimises the financial structure of its projects, maximises value generation and ensures higher returns. This is, in fact, the fifth transaction of this type that Repsol has carried out since November 2021.

Investment strategy
Schroders Greencoat’s Portfolio Manager, Adam Basnett, says the deal “is a first step in implementing our investment strategy, and we look forward to working together to create long-term value for our clients with high-quality assets, all backed by long-term sale-purchase agreements”.

Head of Investments for Iberia at Schroders Greencoat, Víctor Monje, says the transaction “demonstrates our commitment to driving the energy transition in Europe together with industry leaders. These assets are in addition to our existing portfolio in Spain, a leading region for renewable energy projects in which we started investing in 2022, and allow us to expand our investments.”

Repsol's Executive Managing Director of Low Carbon Generation, João Costeira, describes Schroders Greencoat as “one of the world's leading renewable infrastructure managers”, and values a partnership that, “at a time of ample supply of renewable assets for sale, highlights the quality and attractiveness of our portfolio on the market”.

Asset management
Repsol currently has 3,700 MW in operation and a global project portfolio of 60,000 MW in various stages of development. In Spain, it has over 2,600 MW of renewable energy in operation and more than 600 MW under construction and development.

Schroders Greencoat, Schroders Capital's specialist renewables subsidiary, does in turn actively manage over 430 renewable infrastructure assets in the UK, Europe and the US, with an aggregate net generation capacity of over 7.4 GW. Its first investment in Spain was made in 2022, and now it is back in Spain through the first transaction for its new fund.

^{Photo: Schroders Greencoat}