Repsol sells 49% of a 400MW renewable portfolio in Spain to Schroders Greencoat: Advisors
Repsol has reached an agreement with Schroders Greencoat, Schroders Capital’s specialist renewable infrastructure manager, for the latter’s entry as a partner with a 49% stake in a portfolio of wind and solar assets in Spain. The total value of the transaction amounts to €580 million.
The portfolio consists of eight wind farms with a combined capacity of 300 megawatts (MW), located in the provinces of Huesca, Zaragoza and Teruel, as well as two solar photovoltaic plants totaling 100 MW, located in Palencia. All assets are expected to be fully operational during the first half of 2025.
The transaction is currently subject to obtaining the relevant administrative authorizations from the buyer.
As part of the agreement, Repsol closed in December 2024 a long-term syndicated financing of €348 million. The transaction involved entities such as BBVA, Crédit Agricole CIB, Banco Sabadell and the Instituto de Crédito Oficial (ICO).
For Schroders Greencoat, this acquisition marks the first investment of its Schroders Greencoat Europe SCSp fund, launched at the end of 2024 after successfully closing its first financing round with more than €220 million. The fund aims to build a diversified portfolio of assets linked to the energy transition in Europe, with a particular focus on renewables, electricity grids, battery storage, green hydrogen, energy efficiency, sustainable mobility and renewable heat.
Advisors
Cuatrecasas has advised Schroders Greencoat, with a team formed by Mariano Ucar, lawyer of the Corporate M&A group, and Luis Pérez de Ayala. Also, with a team integrated by Sora Park, Álvaro Vierna, Elena Ybancos, Xavier Oriach and Ana Giménez.
Clifford Chance has advised Repsol with a team formed by Luis Alonso and counsel Javier Hermosilla, supported by associates Íñigo Navarrete and Sofía Albiñana. The team also included partner José Luis Zamarro and associate Mónica Romero from the Public Law department as well as counsel Begoña Barrantes from the Antitrust department.
