Stonepeak acquires stake in Repsol’s 777MW US solar-plus-storage portfolio

Stonepeak, a US renewable power investor, has purchased a 46.3% stake in Repsol’s 777MW solar and storage portfolio in New Mexico and Texas for US$340 million. The portfolio includes the Frye solar project in Texas and the Jicarilla solar-plus-storage facility in New Mexico. The deal is expected to be finalized in the third quarter of this year pending regulatory approvals.

Stonepeak’s senior managing director, Anthony Borreca, noted that this investment is crucial for providing cost-effective and sustainable electricity to the local power grid. Repsol, an oil major, has already sold shares in six projects and aims to achieve 10GW of installed capacity by 2027, with plans to commission additional solar projects in Texas.

Repsol has been active in both the Spanish and US energy sectors, with projects like the Outpost project in Texas. The company has signed a power purchase agreement for the Frye project and continues to expand its renewable power portfolio.

The renewables sector continues to see growth, with various developers commissioning projects in Texas. Repsol’s focus on renewable energy aligns with the industry’s push for sustainability and cleaner energy sources.