Repsol is strengthening its renewable energy strategy in the United States through a new partnership with Stonepeak. The infrastructure and real estate investment firm has agreed to acquire a 43.8% stake in Repsol’s Outpost solar project, located in Webb County, Texas, for $252.5 million (€220 million).

The transaction values the asset at approximately $775 million (€675 million), including tax equity benefits obtained through the monetization of the project’s production tax credits (PTC).

Outpost, with an installed capacity of 629 MW, began commercial operation last August and is backed by a long-term power purchase agreement (PPA), a factor that strengthens its appeal to investors.

This marks Repsol’s second asset rotation in the United States, as the company continues to optimize the financial structure of its renewables business by incorporating strategic partners to maximize value creation.

It is also the second collaboration between Repsol and Stonepeak in the U.S. renewables market. Last July, the companies closed a similar deal involving the acquisition by Stonepeak of a stake in the Frye solar park (632 MW), also in Texas, and in the Jicarilla solar and storage complex (145 MW) in New Mexico.

The transaction is expected to close in the coming months, subject to customary regulatory approvals.

João Costeira, Repsol’s Executive Managing Director of Low Carbon Generation, said that “joining forces again with Stonepeak, an important investor that continues to trust the quality of our renewable assets in the United States, allows us to advance in our growth strategy in this country, where we already have more than 2,800 MW in operation and under construction across solar and storage projects.”

Anthony Borreca, Senior Managing Director at Stonepeak, added: “We are delighted to expand our collaboration with Repsol in the United States with this transformative solar project, which underscores our shared and ongoing commitment to advancing sustainable energy infrastructure and creating long-term value in Texas.”