Real assets fund manager Stonepeak is acquiring a 43.8% stake in a 629MW US solar project from Repsol for $252.5m (€220m).
Stonepeak is acquiring a portion of Repsol’s Outpost solar project in Webb County, Texas, based on a $775m implied asset valuation that includes tax equity proceeds from monetising the project’s production tax credits, the firms said in a joint statement.
Outpost began commercial operation this August and has a long-term power purchase agreement.
The latest transaction represents the second collaboration between Repsol and Stonepeak in the US renewables market.
Earlier this year, Stonepeak said it was investing $340m to acquire a 46.3% stake in a 777MW US solar and storage portfolio from energy firm Repsol. The portfolio included the Frye solar project and the Jicarilla solar and storage complex.
João Costeira, executive managing director of low carbon generation at Repsol, said: “Rejoining forces with Stonepeak, a major investor that continues to place its trust in the quality of our renewable assets in the US, allows us to advance our growth strategy in this country, where we already have more than 2,800MW in operation and under construction in solar and storage projects.”
Anthony Borreca, senior managing director at Stonepeak, said: “We are thrilled to extend our US 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.”
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