29 April 2025 - 09:30 CEST | PDF | 187.07 KB
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Repsol allies with Stonepeak on solar and storage portfolio for its first US renewables partnership
Press Release
29/04/2025 09:30
- Stonepeak has agreed to acquire a 46.3% stake in Repsol’s 777 MW portfolio across New Mexico and Texas for $340 million.
- The transaction values the solar and battery energy storage portfolio at $735 million. Repsol previously raised $60 million in tax equity proceeds for this portfolio, bringing the total value to approximately $795 million.
Repsol announced that it will be joining forces with Stonepeak as its first partner in a portfolio of renewable assets in the United States. Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, has agreed to invest $340 million to acquire a 46.3 percent stake from Repsol in a 777 MW operating solar and storage portfolio located in New Mexico and Texas. Together with the $60 million in tax equity previously raised (through Investment Tax Credits, ITC), this transaction values the portfolio of solar plants and batteries at approximately $795 million.
The portfolio includes the Frye solar project and the Jicarilla solar and storage complex. Completed in 2024 and located near the town of Kress in Swisher County, Texas, Frye represents Repsol’s largest photovoltaic plant in operation to date with an installed capacity of 632 MW. The Jicarilla solar and storage complex is located in Rio Arriba County, New Mexico, and has an installed solar capacity of 125 MW and a battery storage project of 20 MW / 80 MWh. All of the projects have entered into long-term revenue contracts as part of the multi-energy company's strategy to ensure the long-term profitability of the portfolio.
With this transaction, Repsol is advancing the optimization of the financial structure of its renewable business with partners joining the assets to maximize value generation.
“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,” he added.
Anthony Borreca, Senior Managing Director at Stonepeak, said, “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. Repsol is an extremely well-respected company globally, and we look forward to deepening our partnership with them in the coming years.”
This is the sixth asset rotation that Repsol has completed since November 2021. The company has also established alliances with Crédit Agricole Assurances and EIP in the renewable generation business to boost its growth.
Repsol currently has close to 4,000 MW in operation and a global project portfolio of 60,000 MW in various stages of development. In the United States, in addition to the portfolio, it also owns the Outpost PV project in Texas (629 MW), which is currently partially entering into operation, and which will bring the company’s total installed operating capacity to 1,406 MW once fully operational. In addition, Repsol also owns two additional solar facilities under construction in Texas - Pinnington (825 MW) and Pecan Prairie (595 MW).
The transaction is expected to close during the third quarter of 2025, subject to customary regulatory approvals. Nomura Greentech served as exclusive financial advisor and Latham & Watkins served as legal counsel to Repsol. Greenhill & Co., LLC, a Mizuho affiliate, served as the exclusive financial advisor and Vinson & Elkins LLP acted as legal counsel to Stonepeak.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $73 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.
About Repsol
Repsol is a multi-energy company that can meet all the energy needs of its customers at home and on the move. It employs 25,000 people in more than twenty countries and has 24 million customers. Its extensive network of 4,500 service stations supplies fuels in Spain, Portugal, Peru, and Mexico and is incorporating alternatives such as electric recharging, 100% renewable fuels, AutoGas, and vehicular natural gas. It has 2.5 million electricity and gas customers in Spain and Portugal and is the fourth largest electricity market operator in Spain. In addition, it has a diversified renewable generation portfolio, with an installed capacity of close to 4,000 MW, mainly in Spain, the United States, and Chile. It produces an average of 571,000 barrels of oil equivalent per day and has one of the most efficient refining systems in Europe. Repsol is transforming its six industrial complexes in the iberian peninsula into multi-energy hubs, capable of treating a wide variety of raw materials and waste to manufacture products with a low carbon footprint, such as 100% renewable fuels, which will be key to achieving its goal of becoming a net-zero emissions company by 2050.
Forward-looking statements
This press release contains “forward-looking statements”, within the meaning of applicable U.S. and Australian securities laws, including with respect to market conditions, results of operations and financial condition, including, for example, but not limited to, statements regarding the transaction (including statements concerning the timing and completion of the transaction, the expected benefits of the transaction and other future arrangements between Stonepeak and Repsol), expectations regarding future expenditures and future results.