Stonepeak, a private equity firm specialising in infrastructure investments, has announced the acquisition of a 46.3% stake in Repsol’s solar and storage portfolio across New Mexico and Texas, marking its strategic expansion into the renewables sector. The deal, valued at $340 million, was confirmed on 29 April and is expected to close in the third quarter of 2025, pending regulatory approvals.
The 777-megawatt (MW) portfolio includes the Frye solar project in Swisher County, Texas—the largest operational photovoltaic facility in Repsol’s portfolio to date, with an installed capacity of 632 MW. The acquisition also covers the Jicarilla solar and storage complex in Rio Arriba County, New Mexico, comprising 125 MW of solar capacity and 80 MWh of battery storage.
“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. “Repsol is an extremely well-respected company globally, and we look forward to deepening our partnership with them in the coming years.”
All assets in the portfolio are supported by long-term revenue agreements. The total portfolio is valued at approximately $795 million, including $60 million in tax equity secured via investment tax credits.
Repsol, which is making its first renewable asset rotation in the U.S. market, welcomed the new partnership. “Once again, our portfolio has confirmed its attractiveness to leading investors, validating our strategy on renewables,” said João Costeira, Executive Managing Director of Low Carbon Generation at Repsol.
Advisory firms involved in the transaction include Nomura Greentech, which served as Repsol’s exclusive financial adviser, with Latham & Watkins providing legal counsel. Stonepeak was advised by Greenhill & Co., a Mizuho affiliate, and legal services were provided by Vinson & Elkins LLP.
