Repsol said on Tuesday it has agreed to sell a 43% stake in its 629-megawatt Outpost solar project in Texas to investment firm Stonepeak for $253 million, valuing the asset at about $775 million including tax-equity proceeds.
The Outpost plant, which entered commercial operation in August, has a long-term power purchase agreement in place. Repsol said the transaction is part of its strategy to optimise the financial structure of its renewables business by rotating assets and adding strategic partners.
The company said the deal is its second asset rotation in the United States and follows a similar transaction earlier this year covering the Frye solar farm in Texas and the Jicarilla solar-plus-storage complex in New Mexico. Closing is expected in the coming months, subject to regulatory approvals.
Repsol said the new partnership reinforces its U.S. growth ambitions. “Rejoining forces with Stonepeak, a major investor that continues to place its trust in the quality of our renewable assets in the United States, allows us to advance our growth strategy in this country, where we already have more than 2,800 MW in operation and under construction in solar and storage projects,” said João Costeira, executive managing director of low-carbon generation at Repsol.
Stonepeak said the move strengthens its investment footprint in U.S. clean energy. “We are thrilled to extend our U.S. partnership with Repsol on this transformative solar project, which underscores our shared ongoing commitment to advancing sustainable energy infrastructure and delivering long-term value in Texas,” said Anthony Borreca, senior managing director at Stonepeak.
