Stonepeak, an alternative investment firm, has entered into an agreement to acquire a 46.3% stake in Repsol’s solar and battery energy storage portfolio, located in the US state of New Mexico and Texas, for $340m.
The transaction values the entire 777MW portfolio at approximately $735m. Repsol had previously secured $60m through tax equity proceeds, bringing the total valuation to around $795m.
The portfolio includes the Frye solar project and the Jicarilla solar and storage complex. With an installed capacity of 632MW, the Frye solar project in Swisher County, Texas, is Repsol’s largest photovoltaic plant.
The Jicarilla complex in Rio Arriba County, New Mexico, features a solar capacity of 125MW and a battery storage capacity of 20 MW/80 MWh.
Both projects have established long-term revenue contracts. The transaction is anticipated to close in the third quarter of 2025, pending regulatory approvals.
This partnership marks Repsol’s first collaboration in the US renewable energy sector. It is also part of Repsol’s ongoing efforts to optimise the financial structure of its renewable assets by partnering with firms to enhance value generation. This transaction is the sixth asset rotation by Repsol since November 2021 and follows previous alliances with Crédit Agricole Assurances and EIP.
Repsol Low Carbon Generation executive managing director João Costeira said: “We are very proud to start a partnership with Stonepeak in our first renewable asset rotation in the US market.
“Once again, our portfolio has confirmed its attractiveness to leading investors, validating our strategy on renewables.”
Repsol currently operates nearly 4,000 MW and has a global development pipeline of 60,000MW. In the U.S., apart from the portfolio in question, Repsol owns the Outpost PV project in Texas, which is partially operational.
Additionally, Repsol is constructing two more solar facilities in Texas- Pinnington (825 MW) and Pecan Prairie (595 MW).
In December 2024, GeoPark signed deal to acquire has agreed to acquire Repsol’s upstream oil and gas assets in Colombia for around $530m.
