MADRID (dpa-AFX) - Repsol S.A. (REPYY.PK), a Spanish energy and petrochemical company, announced that it has agreed to sell a 43.8% stake in Outpost solar project in Texas to investment firm Stonepeak for $252.5 million or 220 million euros.
The transaction is expected to close in the coming months, subject to standard regulatory approvals.
The company said the sale to New York -based alternative investment firm implies a valuation of the assets of approximately $775 million or 675 million euros. The valuation includes tax equity proceeds raised through the monetization of Production Tax Credits or PTCs received by the project.
Webb County, Texas -based Outpost solar project, with an installed capacity of 629 MW, began commercial operation in August. It benefits from a long-term power purchase agreement or PPA.
Repsol said the deal is its second asset rotation in the United States, and also represents the second collaboration between Repsol and Stonepeak in the U.S. renewables market.
Earlier in July, both companies closed a similar transaction, which included Stonepeak's acquisition of a stake in 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, 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.'
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