Zara Ortega Founder Triples Investments in Energy Assets | kbnmart

Zara founder Amancio Ortega’s investment firm Pontegadea has nearly tripled its investments in renewable energy projects in the past year, as it seeks to diversify the Spanish billionaire’s wealth beyond his fashion and property empire.

According to 2023 financial statements filed with the commercial register and seen by Reuters, the family office of Zara parent Inditex’s main owner has pumped 693 million euros ($766.87 million) into wind, solar and other energy assets in Spain and France, up from 273 million euros in 2022.

The bet on renewable energy comes at a time when Inditex has set itself new targets to reduce its environmental impact by 2030 and is responding to regulatory pressure.

Pontegadea said it would not provide additional information about its annual reports.

Over the years, the Ortega family company has favored real estate to invest the huge revenues from its core fashion business, buying logistics centers used by major global companies such as FedEx and Amazon, luxury buildings in the United States and Europe, as well as offices and stores.

Ortega controls 59.29% of Inditex’s capital through Pontegadea Inversiones and Partler Participaciones, and his family office received €2.2 billion of Inditex’s profits in 2023.

Ortega’s investment firm bought logistics hubs and buildings in Ireland, the Netherlands and Luxembourg in 2023, continuing to build a real estate portfolio worth more than €13 billion, according to filings.

Pontegadea also invests in real estate assets around the world through other companies and received at least €548 million in rentals in 2023, up 17% from the previous year.

The company announced a list of minority stakes in 13 energy assets by the end of 2023, most of them in Spain, after signing several deals with energy company Repsol to buy stakes in wind and solar farms.

The company also holds minority stakes in three French wind parks in the Montagne d’Ardéche, Tailles Sud and Champagne Picarde regions.

In 2022, Pontegadea bought a 5% stake in Spanish gas network operator Enagas and hydrogen and renewable energy unit Enagas Renovable.