Stonepeak acquires 43.8% of Repsol's 629MW solar asset

Stonepeak has agreed to purchase a 43.8% interest in the Outpost solar farm from Repsol, taking a meaningful position in a recently commissioned Texas utility‑scale project. The stake is being acquired for $252.5 million, a deal that implies an enterprise valuation for the asset of roughly $775 million after accounting for tax‑equity proceeds tied to Production Tax Credits (PTCs).

The asset—located in Webb County, Texas—entered commercial operation in August and has an installed capacity of 629 MW. It already benefits from a long‑term power purchase agreement, a structural feature that typically attracts infrastructure investors seeking predictable cash flows and scale exposure to the solar generation market.

From Repsol's perspective, the transaction represents another step in its US portfolio optimisation strategy. By monetising a minority stake, the company crystallises value while retaining operational control and freeing capital to recycle into development and other low‑carbon projects. Repsol says the move follows an earlier US rotation with the same partner earlier this year, underlining a repeat‑buyer relationship with Stonepeak.

Stonepeak, an infrastructure investor that manages roughly $80 billion in assets, has been increasing allocations to energy transition platforms. The firm describes the Outpost deal as an extension of its strategy to back hard‑asset electricity generation that delivers downside protection alongside steady yields. Institutional appetite for operating renewables assets has remained robust as pensions and insurers chase contracted cash flows in an otherwise volatile rate environment.

Market context: recent US tax policy changes and the availability of PTCs have reshaped renewables finance by creating sizeable tax‑equity pools that can be monetised to improve project economics. That dynamic has encouraged sponsor rotations—where developers sell stakes to long‑term owners—so they can redeploy capital into new greenfield developments. For buyers, projects with PPAs and eligible tax credits offer an attractive risk‑return profile compared with merchant exposure.

Executives on both sides framed the deal as strategic. João Costeira, Executive Managing Director of Low Carbon Generation at Repsol, highlighted the transaction as a way to accelerate growth in the US, where the company reports more than 2,800 MW of solar and storage in operation and under construction. Anthony Borreca, Senior Managing Director at Stonepeak, said the purchase reinforces the firm’s commitment to scaling resilient renewable infrastructure in Texas and beyond.

The transaction is expected to complete in the coming months, subject to customary regulatory approvals. For the sector, the deal is another data point in the recent trend of large institutional capital recycling into contracted renewable generation—an axis of market activity likely to persist as sponsors seek to balance growth ambitions with balance‑sheet discipline.