Stonepeak is investing $340m (€298.2m) to acquire a 46.3% stake in a 777MW US solar and storage portfolio from energy firm Repsol.
The transaction, together with a previously raised $60m tax equity, values the portfolio of solar and battery energy storage located in New Mexico and Texas at approximately $795m.
The portfolio includes the Frye solar project and the Jicarilla solar and storage complex.
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.”
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.”
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