Repsol has formed a partnership with Stonepeak, acquiring a 43.8% stake in the Outpost solar project in Texas for $252.5 million, enhancing its renewable energy strategy in the United States.

Target Information

Repsol has made significant strides in its renewable energy strategy in the United States, highlighted by a new agreement with Stonepeak. Stonepeak will acquire a 43.8% stake in Repsol's Outpost solar project, which boasts a capacity of 629 MW, for $252.5 million (€220 million). This transaction values the Outpost project at approximately $775 million (€675 million), which includes revenue from the monetization of Production Tax Credits (PTC) received for the project.

Outpost, located in Webb County, Texas, began commercial operations in August and has a long-term Power Purchase Agreement (PPA) that enhances its attractiveness to investors. This marks Repsol's second asset rotation in the United States as the company optimizes its financial structure in the renewable sector by incorporating strategic partners to maximize value creation.

Industry Overview in the United States

The renewable energy sector in the United States has experienced robust growth in recent years, propelled by favorable regulatory environments and an increasing commitment to sustainable energy practices. With substantial investmen