- Stonepeak acquires 43.8% of Repsol's Outpost solar project for $252.5 million.
- The Outpost project in Texas has a capacity of 629 MW and began operations in August.
- This is Repsol's second asset rotation in the U.S. renewables market.
- The transaction is pending regulatory approval and expected to close in the coming months.
Investment Details
Stonepeak has agreed to acquire a 43.8% stake in Repsol's Outpost solar project in Webb County, Texas, for $252.5 million (€220 million). The transaction values the asset at approximately $775 million (€675 million), including tax equity proceeds from the monetization of PTCs.
Project Specifications
The Outpost solar project, with an installed capacity of 629 MW, began commercial operations in August. It benefits from a long-term power purchase agreement (PPA), enhancing its appeal to investors.
Strategic Collaboration
This deal marks Repsol's second asset rotation in the U.S. and continues its strategy of optimizing the financial structure of its renewable business by partnering with strategic investors. It is also the second collaboration between Repsol and Stonepeak in the U.S. renewables market, following a similar transaction in July involving the Frye solar farm and the Jicarilla solar and storage complex.
Regulatory Approval
The transaction is expected to close in the coming months, pending standard regulatory approvals.
