In a deal radiating financial wattage, Stonepeak has agreed to acquire a 46.3% stake in Repsol’s expansive U.S. solar and storage portfolio for $340 million, marking a significant leap in the global energy shift toward renewables. The agreement, revealed Tuesday, underscores the growing appetite for green infrastructure and strategic asset-sharing in the energy sector.
The portfolio — a high-voltage blend of sun and storage spanning 777 megawatts — is valued at approximately $795 million, inclusive of $60 million in tax equity already raised. Legal heavyweights Vinson & Elkins LLP and Latham & Watkins LLP represented Stonepeak and Repsol, respectively.
Mega Projects: Frye and Jicarilla Shine Bright
The shining jewel in the portfolio is the 632-megawatt Frye solar farm, spread across Swisher County, Texas — Repsol’s largest photovoltaic power plant to date. Not far behind is the Jicarilla complex in Rio Arriba County, New Mexico, combining 125 megawatts of solar with a 20-megawatt battery storage system — a dual-threat design that boosts both reliability and grid flexibility.
Both assets were completed in 2024 and are bolstered by long-term revenue contracts, making them as attractive to investors as desert sunlight to solar panels.
