Repsol has agreed to sell a 43% stake in its 629MW Outpost solar project in Texas to Stonepeak for $253m (€220m).
The company said the transaction implies a valuation of about $775m (€675m) for the asset, including tax equity proceeds raised through monetised Production Tax Credits.
Outpost began commercial operation in August and benefits from a long-term power purchase agreement.
Repsol stated that the deal marks its second asset rotation in the US as it continues to optimise the financial structure of its renewables business by bringing in strategic partners.
It is also the second collaboration between Repsol and Stonepeak this year following a similar transaction covering the Frye solar farm in Texas and the Jicarilla solar and storage complex in New Mexico.
Closing is expected in the coming months subject to regulatory approvals.
“Rejoining forces with Stonepeak, a major investor that continues to place its trust in the quality of our renewable assets in the United States, allows us to advance our growth strategy in this country, where we already have more than 2,800 MW in operation and under construction in solar and storage projects,” said João Costeira, executive managing director of low carbon generation at Repsol.
“We are thrilled to extend our U.S. partnership with Repsol on this transformative solar project, which underscores our shared ongoing commitment to advancing sustainable energy infrastructure and delivering long-term value in Texas,” added Anthony Borreca, senior managing director at Stonepeak.