Infrastructure-focused private equity firm Stonepeak is extending its reach into renewables with an acquisition of a 46.3% stake in Repsol’s New Mexico and Texas solar and storage portfolio for $340 million.

The investment firm on April 29 said the 777-megawatt (MW) portfolio includes the Frye solar project, which is Repsol’s s largest photovoltaic plant in operation to date with an installed capacity of 632 MW in Swisher County, Texas. The portfolio also includes the Jicarilla solar and storage complex in Rio Arriba County, New Mexico. The complex has an installed solar capacity of 125 MW and a battery storage project of 80 MWh, according to a news release.

“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,” said Anthony Borreca, senior managing director at Stonepeak. “Repsol is an extremely well-respected company globally, and we look forward to deepening our partnership with them in the coming years.”

All of the projects in the portfolio have long-term revenue contracts. The portfolio is valued at approximately $795 million, including $60 million in tax equity previously raised through investment tax credits, according to the release.

“We are very proud to start a partnership with Stonepeak in our first renewable asset rotation in the U.S. market,” said João Costeira, executive managing director of low carbon generation at Repsol. “Once again, our portfolio has confirmed its attractiveness to leading investors, validating our strategy on renewables.”

The transaction is expected to close in third-quarter 2025, subject to customary regulatory approvals, the release said.

Nomura Greentech served as exclusive financial adviser, and Latham & Watkins served as legal counsel to Repsol. Mizuho affiliate Greenhill & Co. served as the exclusive financial adviser, and Vinson & Elkins LLP acted as legal counsel to Stonepeak.

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