MADRID/LONDON, Nov 8 (Reuters) - Pontegadea, the investment company of Inditex founder Amancio Ortega, is betting on renewables, closing a deal with Repsol to buy a 49% stake in its wind farms and photovoltaic power plants in Spain, two sources familiar with the deal told Reuters.

The potential acquisition by the Spanish fashion billionaire would expand Pontegadea's investments in renewable energy. His investment company has already bought minority stakes in energy assets, such as a 5% stake in Spanish gas network operator Enagas' renewables and hydrogen unit Enagas Renovable.

The Repsol renewables projects being put up for sale have a total capacity of about 600 megawatts and the deal values them at about 700 million euros ($747.18 million), according to sources. The deal could come as soon as next week, one of the sources said.

A Repsol spokesman declined to comment.

"As usual, we have no comment on rumors about market transactions while they are open," a Pontegadea spokesman said.

The deal is in line with Repsol's strategy of financing its shift from oil and gas to renewables by selling minority stakes in renewable projects. Other companies, such as Spain's Iberdrola, are following the same script: raising funds to invest in new projects by selling stakes in the most advanced ones.

The Spanish oil company has sold stakes in other projects to Pontegadea. In 2021, Repsol sold a 49% stake in another wind farm to Pontegadea for €245 million.

Pontegadea posted a net profit of €2 billion last year, up from €1.6 billion in 2021, mainly due to dividends from Inditex.

(1 U.S. dollar = 0.9369 euros)

(Report by Pietro Lombardi and Andres Gonzalez; edited in Spanish by Benjamin Mejias Valencia)