Spanish energy company Repsol has agreed to sell a 46.3% stake in its 777-megawatt (MW) U.S. solar and storage portfolio to investment firm Stonepeak for $340 million, marking the company’s first renewable asset partnership in the United States.
The transaction values the portfolio, which includes projects in New Mexico and Texas, at approximately $735 million. When factoring in $60 million previously raised through tax equity financing, the total valuation reaches around $795 million.
The assets covered in the deal include the Frye solar project in Swisher County, Texas, with 632MW of capacity, and the Jicarilla complex in Rio Arriba County, New Mexico, which integrates 125MW of solar and 20MW/80MWh of battery energy storage.
Repsol said all the projects have secured long-term revenue contracts, aligning with its strategy to enhance returns from low-carbon generation through stable cash flows.
“We are very proud to start a partnership with Stonepeak in 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 confirmed its attractiveness to leading investors, validating our strategy on renewables.”
Stonepeak said the investment aligns with its focus on energy infrastructure that supports the U.S. transition to clean power. “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.
The transaction is expected to close in the third quarter of 2025, pending customary regulatory approvals.
Nomura Greentech advised Repsol on the deal, with legal support from Latham & Watkins. Greenhill & Co., a Mizuho affiliate, served as financial adviser to Stonepeak, with Vinson & Elkins providing legal counsel.
Repsol currently operates close to 4 gigawatts (GW) of renewable capacity worldwide and holds a development pipeline of around 60GW. In the U.S., the company also owns the partially operational 629MW Outpost PV project in Texas, as well as two solar projects under construction—Pinnington (825MW) and Pecan Prairie (595MW).
