New York-based alternative investment firm Stonepeak announced that it acquired a 46.3% stake in a U.S. solar and storage portfolio from Spanish energy company Respol for $340 million.
The portfolio include 777 MW of operating solar and storage facilities in New Mexico and Texas, and the transaction values the portfolio at approximately $795 million, including $60 million in previously raised tax equity.
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.”
The portfolio includes the Frye solar project in Texas, Repsol’s largest photovoltaic plant in operation to date, with an installed capacity of 632 MW, and the Jicarilla solar and storage complex, located in New Mexico, with an installed solar capacity of 125 MW, along with a battery storage project. All of the projects have entered into long-term revenue contracts, Stonepeak said.
Repsol currently has close to 4,000 MW of solar energy in operation and a global project portfolio of 60,000 MW in various stages of development. The company has other projects in Texas, including the Outpost PV project, which is currently entering into partial operation. In addition, Repsol owns two additional solar facilities under construction in Texas.
João Costeira, Executive Managing Director of Low Carbon Generation at Repsol, said:
“We are very proud to start a partnership with Stonepeak in our first renewable asset rotation in the US market. Once again, our portfolio has confirmed its attractiveness to leading investors, validating our strategy on renewables.”
