Key information
- SectorOnshore wind and solar
- StrategyRenewable energy infrastructure
- SDG*7, 13
- Ownership49% Schroders Greencoat
2025
Year of investment
€580 million
Enterprise value (for 100%)
Spain
Geography
About
In early 2025, Schroders Greencoat entered into a strategic partnership with Repsol, acquiring a 49% stake in a 400-megawatt (MW) portfolio of Spanish renewable energy projects. This diverse portfolio consists of 8 wind farms (300 MW) and 2 solar plants (100 MW) in the province of Palencia in Northern Spain.
These assets are either already operational or are currently under construction, with all projects expected to reach Commercial Operation Date ('COD') by mid 2025. Each site is designed to contribute to Spain’s renewable energy capacity and reduce dependency on fossil fuels. The partnership with Repsol, a well-established player in the Iberian energy sector, underscores the importance of scale, experience, and collaboration in delivering long-term infrastructure solutions.
Why we invested
Our renewable investment specialist arm, Schroders Greencoat, had identified this opportunity through a bilateral and exclusive sales process, leveraging our long-standing relationship with Repsol.
The portfolio offers strong fundamentals, including established revenue streams supported by long-term contracts. Around two thirds of the total energy generated is already contracted for the next 12 years, backed by long-term Power Purchase Agreements ('PPAs') with reputable, credit-worthy counterparties. This provides revenue visibility in the early operational years, whilst identifies levers for future upside.
In a market that is actively transitioning to clean energy, this portfolio provides a resilient and well-structured route into one of Europe’s most attractive renewable energy regions.
Value creation
We believe there may be meaningful upside potential through optional hybridisation initiatives - the possible enhancements made through integration of battery storage or additional solar capacity. This could potentially increase the long-term resilience and flexibility of the portfolio.
Furthermore, by aligning with Repsol, a partner with over 3,700 MW of renewable assets globally and deep local expertise, we are positioned to benefit from operational best practices and strong regulatory insight in the Iberian market.
Sustainability
This investment is fully aligned with Schroders Greencoat’s mission to drive the energy transition across Europe. The portfolio contributes to Spain’s national renewable energy targets while reducing reliance on fossil fuels and lowering emissions in the power sector.
Each site within the portfolio is developed to rigorous environmental standards and leverages Spain’s abundant wind and solar resources to deliver clean, reliable power. The long-term PPAs not only provide financial stability but also support broader decarbonisation goals by enabling corporate and industrial users to source green electricity.
*The United Nation's 17 Sustainable Development Goals ('SDGs') provide a framework for sustainable development. SDG ratings evaluate a company or project’s alignment with these goals, www.sdgs.un.org/goals
The information provided herein is only for professional clients. The case study provided is only for illustrative purpose and is not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy.
Investments with similar characteristics, as well as their past performance may not be repeated in the future. Each asset class have specific risks. Investments in private assets involve a higher degree of risk than more traditional investments. The case study may have been chosen for a variety of reasons, such as being representative of the investment capabilities of the investment team. The circumstances presented are unique to each deal. They do not represent a full picture of the investments made by their respective team and of the product(s) that invested into the asset(s) presented in the case study. Details about the full life-cycle of an asset and its demise, where relevant, will be provided before committing to any agreement.