Stonepeak is investing $340m (鈧�298.2m) to acquire a 46.3% stake in a 777MW US solar and storage portfolio from energy firm Repsol.
The transaction, together with a previously raised $60m tax equity, values the portfolio of solar and battery energy storage located in New Mexico and Texas at approximately $795m.
The portfolio includes the Frye solar project and the Jicarilla solar and storage complex.
Jo茫o Costeira, executive managing director of low carbon generation at Repsol, said: 鈥淲e are very proud to start a partnership with Stonepeak in our first renewable asset rotation in the US market.
鈥淥nce again, our portfolio has confirmed its attractiveness to leading investors, validating our strategy on renewables.鈥�
Anthony Borreca, senior managing director at Stonepeak, said: 鈥淭his 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.
鈥淩epsol is an extremely well-respected company globally, and we look forward to deepening our partnership with them in the coming years.鈥�
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