US renewable power investor Stonepeak has acquired a 46.3% stake in Repsol’s 777MW solar and storage portfolio in the US states of New Mexico and Texas.
Stonepeak invested US$340 million into the portfolio, which comprises the 632MW Frye solar project in Texas and the Jicarilla solar-plus-storage facility in New Mexico. The latter facility has a solar capacity of 125MW, plus 20MW/80MWh of battery storage. Stonepeak expects the transaction to be completed in the third quarter of this year once it has cleared customary regulatory approvals.
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“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 Stonepeak senior managing director Anthony Borreca.
Oil major Repsol completed construction at the Frye project in April 2024 and signed a power purchase agreement (PPA) with an unnamed offtaker for 566MW of the project’s capacity. With the sale of the stake to Stonepeak, Repsol has now sold shares in six projects since November 2021, of a global operating renewable power portfolio of 4GW.
While the majority of the company’s attention has gone to projects in its native Spain, it has invested in the US energy sector too, including the 629MW Outpost project in Texas, which is currently “partially entering operations”.
A number of developers have commissioned projects in Texas this year, including Vesper Energy, Invenergy and Lightsource bp. Repsol plans to reach 10GW of installed capacity by 2027, and has announced plans to commission two other solar projects in Texas — the 825MW Pinnington project and the 595MW Pecan Prairie project — as interest remains high in one of the US solar sector’s leading states.
