Repsol has announced the sale of a 46.3% stake in a 777MW portfolio of US solar and storage assets to investment firm Stonepeak for $340m.
Including $60m in previously raised tax equity, the transaction values the portfolio at approximately $795m.
The portfolio includes the Frye solar project in Swisher County, Texas – Repsol’s largest operational photovoltaic plant at 632MW – and the Jicarilla solar and storage complex in New Mexico, with 125MW of solar and 20MW / 80MWh of battery storage.
All projects are backed by long-term revenue contracts.
“We are very proud to start a partnership with Stonepeak in our first renewable asset rotation in the US market,” said João Costeira, Executive Managing Director of Low Carbon Generation at Repsol.
“Once again, our portfolio has confirmed its attractiveness to leading investors, validating our strategy on renewables.”
“This investment represents another important step in delivering much-needed cost effective and sustainable electricity to our domestic power grid at a time when communities need it most,” said Anthony Borreca, Senior Managing Director at Stonepeak.
“Repsol is an extremely well-respected company globally, and we look forward to deepening our partnership with them in the coming years.”
This marks Repsol’s sixth asset rotation since November 2021. The company currently has 4,000MW of operating renewable capacity and a global development pipeline of 60,000MW.
In the U.S., Repsol owns the partially operational 629MW Outpost PV project in Texas and is constructing two more facilities – Pinnington (825MW) and Pecan Prairie (595MW).
The Stonepeak transaction is expected to close in Q3 2025, pending regulatory approvals.
[Image credit: Repsol]
