Stonepeak, an alternative investment firm focused on infrastructure and real assets, has agreed to acquire a 46.3% stake in Repsol’s 777 MW operating solar and storage portfolio in New Mexico and Texas for $340 million. Repsol is a Spanish energy and petrochemical company.
The transaction values the solar and battery energy storage portfolio at approximately $735 million. Previously, Repsol raised $60 million in tax equity proceeds for this portfolio, bringing the total value to approximately $795 million.
The portfolio comprises the Fyre solar project and the Jicarilla solar and storage project. The 632 MW Fyre solar project is located in Swisher County, Texas, and was completed in 2024. The Jicarilla complex, with 125 MW solar and 20 MW/80 MWh battery storage capacity, is located in Rio Arriba County, New Mexico.
The transaction is expected to close during the third quarter of 2025, subject to customary regulatory approvals.
Latham & Watkins provided legal counsel, and Nomura Greentech served as Repsol’s exclusive financial advisor. Vinson & Elkins acted as legal counsel, and Greenhill & Co., a Mizuho affiliate, served as the exclusive financial advisor to Stonepeak.
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.”
In April, Apex Clean Energy, a renewable energy project developer, entered into an agreement with Electricity Generating Public Company Limited (EGCO Group) to sell its 49% ownership interest in the Pinnacle II project portfolio, which consists of two projects totaling 251 MW in the U.S.
According to Mercom’s Q1 2025 Solar Funding and M&A report, about 13.6 GW of solar projects were acquired in Q1 2025 compared to 10.8 GW in Q1 2024.
