Repsol has advanced its renewable energy strategy in the United States by agreeing to sell a substantial stake in its Outpost solar project to investment firm Stonepeak. This marks the second asset rotation deal between the two companies in the US market. The transaction, announced on Thursday, 11 December 2025, sees Stonepeak acquire a 43.8 per cent stake in the solar project, which is located in Webb County, Texas.

The sale price for the stake is $252.5 million (€220 million). This figure implies a total valuation for the Outpost solar asset of approximately $775 million (€675 million). This valuation includes proceeds raised through the monetisation of Production Tax Credits (PTCs) received by the project. The deal is expected to be finalised in the coming months, pending standard regulatory approvals.

Outpost, which has an installed capacity of 629 MW, began commercial operation in August this year. Its appeal to investors is strengthened by a long-term power purchase agreement (PPA) already in place. Repsol, the multi-energy company, is using this asset rotation strategy to optimise the financial structure of its renewable business. The strategy involves bringing in strategic partners to maximise value creation from its projects.

This agreement extends an existing collaboration between Repsol and Stonepeak. In July 2025, the firms concluded a similar transaction. That previous deal involved Stonepeak acquiring a stake in two other US assets: the 632 MW Frye solar farm in Texas and the 145 MW Jicarilla solar and storage complex in New Mexico.

João Costeira, Executive Managing Director of Low Carbon Generation at Repsol, commented on the continued partnership. He said: “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.”

Anthony Borreca, Senior Managing Director at Stonepeak, also highlighted the continuation of their collaboration. He stated: “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.”