British company Schroders acquires 49% of Repsol's wind and solar portfolio
The transaction with renewable assets is valued at approximately 580 million euros.
BarcelonaSchroders Greencoat, a British renewable energy infrastructure management giant, has made a new entry into the Spanish renewable energy business. It has agreed to become a partner with a 49% stake in Repsol's 400-megawatt (MW) solar and wind portfolio. The deal is valued at approximately €580 million.
The portfolio includes eight wind farms with a total of 300 MW, located in Huesca, Zaragoza, and Teruel. It also includes two 100 MW solar photovoltaic plants in Palencia. All of these assets are expected to be operational during the first half of this year. The closing of the transaction is subject to administrative procedures by the buyer.
This agreement represents a further step in Repsol's strategy in the renewable energy business, focused on "optimizing the financial structure and profitability of projects by adding partners to the assets to maximize value generation and ensure double-digit returns," according to the company of which Josu Jon Imaz is CEO
At the same time, Repsol retains control of the assets. As part of the transaction, Repsol closed a long-term syndicated financing agreement of 348 million euros last December with BBVA, Crédit Agricole CIB, Banc Sabadell and the ICO.
