Repsol Partners with Stonepeak for US Renewables Expansion
Deal News | Apr 29, 2025 | Stonepeak
Repsol has entered into a strategic partnership with Stonepeak, marking its first major collaboration in the U.S. renewable energy sector. Stonepeak will acquire a 46.3% stake in Repsol’s 777 MW solar and battery energy storage portfolio in New Mexico and Texas for $340 million. The entire portfolio is valued at $735 million, with an additional $60 million raised via tax equity, totaling approximately $795 million. The projects include the Frye solar plant, Repsol's largest photovoltaic operation to date, and the Jicarilla solar and storage complex, all of which have secured long-term revenue contracts. This deal represents Repsol’s sixth asset rotation since November 2021, as it continues to optimize its renewable business. The transaction is anticipated to close by the third quarter of 2025, subject to regulatory approvals, with financial advice from Nomura Greentech and legal counsel from Latham & Watkins for Repsol, and Greenhill & Co. and Vinson & Elkins LLP advising Stonepeak.
Sectors
- Renewable Energy
- Infrastructure Investment
Geography
- United States – The partnership involves U.S. based renewable assets located in New Mexico and Texas.
- Spain – Repsol, a Spanish company, is a key participant, indicating its international operations.
Industry
- Renewable Energy – The article discusses a transaction involving solar and battery energy storage, which are key components of the renewable energy industry.
- Infrastructure Investment – Stonepeak, as an infrastructure investment firm, is acquiring a significant stake in the renewable energy assets, indicating the investment nature of the transaction.
Financials
- $340 million – Investment by Stonepeak to acquire a 46.3% stake in Repsol's renewable portfolio.
- $735 million – Valuation of the solar and battery energy storage portfolio.
- $60 million – Previously raised in tax equity proceeds for the portfolio.
- $795 million – Total valuation of the portfolio including tax equity.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Repsol | Target Company | Company | A multi-energy company involved in operating a renewable portfolio in the U.S. |
| Stonepeak | Bidding Company | Private Equity Firm | An alternative investment firm acquiring a stake in Repsol's U.S. renewable portfolio. |
| Nomura Greentech | Financial Advisor | Company | Served as exclusive financial advisor to Repsol. |
| Latham & Watkins | Legal Advisor | Company | Provided legal counsel to Repsol. |
| Greenhill & Co., LLC | Financial Advisor | Company | Served as exclusive financial advisor to Stonepeak. |
| Vinson & Elkins LLP | Legal Advisor | Company | Acted as legal counsel to Stonepeak. |