Spanish power firm Repsol S.A. is partnering with Schroders Greencoat in a 400-megawatt (MW) wind and photo voltaic portfolio, valued at EUR 580 million ($626.4 million).
Repsol mentioned in a media launch that Schroders Greencoat has acquired a 49 % share in a portfolio of eight wind farms, with a complete capability of 300 MW, positioned within the northern Spanish provinces of Huesca, Zaragoza, and Teruel. The settlement additionally encompasses two photo voltaic amenities, amounting to 100 MW, within the province of Palencia. All of those belongings are anticipated to turn into operational within the first half of 2025, Repsol mentioned.
Repsol mentioned it’ll preserve management of the belongings. In December 2024, Repsol organized a long-term syndicated mortgage financing of EUR348 million ($375.8 million) with BBVA, Crédit Agricole CIB, Banco Sabadell, and the Official Spanish Credit score Institute (ICO).
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“The alliance with a accomplice like Schroders Greencoat, one of many world’s main renewable infrastructure managers, at a time when there’s a extensive provide of renewable belongings on the market, highlights the standard and attractiveness of our portfolio out there”, João Costeira, Repsol’s Government Managing Director of Low Carbon Technology, mentioned.
That is the primary funding by Schroders Greencoat Europe SCSp Fund, which secured over EUR 220 million ($237.6 million) in its preliminary November 2024 funding. The fund, geared toward a various European power transition portfolio, will prioritize renewable power infrastructure whereas additionally investing in grid upgrades, storage, hydrogen, effectivity, mobility, and renewable warmth.
“We’re delighted to have made the Fund’s first acquisition following the primary shut. Our partnership with Repsol signifies a primary step in our funding technique and we stay up for working collectively to ship long-term worth for our shoppers with top quality of belongings all supported by long-term offtake agreements”, Adam Basnett, Portfolio Supervisor for Schroders Greencoat, mentioned.
“These belongings add to our current portfolio in Spain, a number one area for renewable power tasks the place we started investing in 2022 and to broaden our investments”, Victor Monje, Head of Investments for Schroders Greencoat in Iberia, added.
To contact the writer, electronic mail andreson.n.paul@gmail.com
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