The energy company Repsol has taken a new step in its roadmap towards decarbonization in the US market, finalizing the sale of 43.8% of its Outpost project, located in Texas, to the investment fund Stonepeak for a total of $252.5 million.
Expansion of the Outpost project and partnership with Stonepeak
The transaction values the asset at approximately $775 million, a figure that includes revenue obtained through the monetization of production tax credits (PTCs). The Outpost solar plant, with a capacity of 629 megawatts (MW), began commercial operation in August and is backed by a power purchase agreement (PPA), adding financial strength to the project.
This transaction marks the second collaboration between the two companies this year. In July, Stonepeak had already acquired stakes in the Frye and Jicarilla solar projects, also managed by Repsol in the United States. The continuation of these partnerships reflects the fund’s confidence in the quality of the Spanish firm’s renewable assets.
With this move, Repsol continues to consolidate its renewable energy business model through asset rotation and the incorporation of strategic partners. The company has more than 2,800 MW of operational and development capacity in the United States, integrating solar technologies and storage systems. This sale is in line with its objective of maximizing return on investment while maintaining majority ownership in its key projects.
Stonepeak’s financial context and positioning
Stonepeak manages close to US$80 billion in global assets and has positioned itself as a major player in the financing of sustainable energy infrastructure.
Its recurring interest in U.S. projects reinforces the attraction of private capital to clean and stable generation solutions.
Vision of business leaders
João Costeira, Repsol’s Head of Low Carbon Generation, emphasized that this new collaboration with Stonepeak strengthens its renewable presence in the United States. For his part, Anthony Borreca, senior managing director of the fund, highlighted the strategic nature of the agreement and the long-term potential of the solar farm in Texas.
Both companies expect to close the transaction in the coming months, subject to regulatory approvals.
Source and photo: Repsol