Repsol, a multi-energy company, is joining forces with Stonepeak as its first partner in a portfolio of renewable assets in the United States. Stonepeak has agreed to invest $340 million to acquire a 46.3 percent stake in a 777-megawatt operating solar and storage portfolio, located in New Mexico and Texas, from Repsol.
The portfolio includes the Frye solar project and the Jicarilla solar and storage complex. Completed in 2024 in Swisher County, Texas, Frye represents Repsol’s largest photovoltaic plant in operation to date, with an installed capacity of 632 megawatts. The Jicarilla solar and storage complex is located in Rio Arriba County, N.M., and has an installed solar capacity of 125 megawatts and a battery storage project of 20 megawatts/80 megawatt-hours. All of the projects have entered into long-term revenue contracts as part of the multi-energy company's strategy to ensure the long-term profitability of the portfolio.
Paired with $60 million in tax equity p
