Repsol has entered into an agreement with Stonepeak, an alternative investment firm focused on infrastructure and real assets, for the sale of a 46.3% stake in a 777 megawatt (MW) solar and energy storage portfolio located in Texas and New Mexico. The transaction is valued at $340 million (€300 million), marking Repsol’s first partnership in a renewable asset portfolio in the United States. c253k

The assets are valued at $735 million (€650 million). Including $60 million in previously secured tax equity through investment tax credits (ITC), the total portfolio value amounts to $795 million (€705 million). The deal is expected to close in the third quarter of 2025, subject to customary approvals.

The portfolio includes the Frye solar plant, located near Kress in Swisher County, Texas, with an installed capacity of 632 MW, and the Jicarilla solar and storage facility in Rio Arriba County, New Mexico, with 125 MW of solar capacity and 20 MW/80 MWh of energy storage. Both assets are backed by long-term contracts.

“This marks the beginning of a partnership with Stonepeak for our first renewable asset rotation in the U.S. market,” said João Costeira, Executive Managing Director of Low Carbon Generation at Repsol. “Once again, our portfolio has proven attractive to leading investors, validating our renewable strategy.”

Anthony Borreca, Senior Managing Director at Stonepeak, stated: “This investment represents another step toward delivering renewable and reliable electricity to the national grid at a time when it is needed most. We look forward to expanding our collaboration with Repsol in the coming years.”

This is Repsol’s sixth asset rotation since November 2021. The company has also formed renewable generation partnerships with Crédit Agricole Assurances and EIP.

Repsol currently has around 4,000 MW in operation and a global pipeline of 60,000 MW in various stages of development. In the U.S., Repsol operates the Outpost solar project in Texas (629 MW, partially online), and is developing the Pinnington (825 MW) and Pecan Prairie (595 MW) solar projects, also in Texas. Once fully operational, Repsol’s total installed capacity in the U.S. will reach 1,406 MW.

Nomura Greentech acted as exclusive financial advisor and Latham & Watkins as legal advisor to Repsol. Greenhill & Co., LLC, a Mizuho company, served as exclusive financial advisor and Vinson & Elkins LLP as legal advisor to Stonepeak.