Zara founder Amancio Ortega’s investment firm Pontegadea almost tripled its investments in renewable energy projects last year, building on its push to diversify the Spanish billionaire’s fortune beyond his fashion empire and real estate.
According to 2023 financial statements filed with the Mercantile Register and seen by Reuters, the family office of the main owner of Zara mother company Inditex poured 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 itself has set new targets to reduce its environmental impact by 2030 and respond to regulatory pressures.
Pontegadea said it will not provide additional information about its annual reports.
For years, Ortega’s family firm has favoured real estate to invest the hefty returns of its core fashion business, buying logistics centres used by large 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 per cent of Inditex capital trough Pontegadea Inversiones and Partler Participaciones, and his family office received 2.2 billion euros worth of Inditex dividends in 2023.
Ortega’s investment vehicle bought logistics centres and buildings in Ireland, the Netherlands and Luxembourg in 2023, continuing to build a property portfolio that exceeded 13 billion euros, according to the filings.
Pontegadea also invests in real estate assets worldwide through other firms and received at least 548 million euros from rents in 2023, 17 per cent more than a year earlier.
It reported a list of minority stakes in 13 energy assets at the end of 2023, most of them in Spain after signing several deals with energy firm Repsol to buy stakes in wind and solar farms.
It also has minority holdings in three French wind energy parks in the Montagne d’Ardéche, Taillades Sud and Champagne Picarde areas.
In 2022, Pontegadea bought a 5% stake in Spanish gas grid operator Enagas and its hydrogen and renewables unit Enagas Renovable.