Zara founder Amancio Ortega's investment firm, Pontegadea, significantly increased its investments in renewable energy projects last year, expanding beyond the fashion and real estate sectors. According to 2023 financial statements filed with the Mercantile Register and reviewed by Reuters, Pontegadea, the family office of the major owner of Zara's parent company Inditex, invested 693 million euros ($766.87 million) in wind, solar, and other energy assets in Spain and France, a substantial increase from the 273 million euros invested in 2022.
This strategic move into renewable energy aligns with Inditex's new environmental targets set for 2030, aiming to reduce its ecological footprint and comply with regulatory demands. Pontegadea has stated that it will not disclose further details regarding its annual financial reports. Historically, Ortega's family firm has prioritized real estate investments, utilizing the substantial profits from its core fashion business to acquire logistics centers, luxury buildings, and offices globally.
Ortega holds a 59.29% stake in Inditex through Pontegadea Inversiones and Partler Participaciones, and his family office received 2.2 billion euros in dividends from Inditex in 2023. In the same year, Ortega's investment vehicle expanded its property portfolio, which now exceeds 13 billion euros, by purchasing assets in Ireland, the Netherlands, and Luxembourg. Pontegadea also manages real estate investments globally through various entities and collected at least 548 million euros in rent in 2023, marking a 17% increase from the previous year.
By the end of 2023, Pontegadea held minority stakes in 13 energy assets, predominantly in Spain, following several agreements with energy company Repsol to acquire interests in wind and solar farms. Additionally, it holds minority interests in three French wind energy parks located in the Montagne d'Ardéche, Taillades Sud, and Champagne Picarde regions. In 2022, Pontegadea acquired a 5% stake in Spanish gas grid operator Enagas and its subsidiary focused on hydrogen and renewables, Enagas Renovable.
