What makes a solar project truly investable in today’s crowded renewables market? Increasingly, it is not just scale, but long-term contracted revenues, operational certainty, and blue-chip offtakers. Stonepeak’s latest move into US solar checks all of those boxes, signaling continued appetite for mature clean energy assets with stable cash flows.

On December 11, 2025, Stonepeak announced an agreement to acquire a 43.8% stake in the Outpost solar project in the United States from Repsol. The transaction values the stake at an enterprise value of $252.5 million and reflects a broader asset valuation that highlights the growing attractiveness of large-scale solar tied to long-term power purchase agreements.

The transaction implies an overall valuation of approximately $775 million for the Outpost solar asset, inclusive of tax equity proceeds generated through the monetization of Production Tax Credits. This structure underscores how federal incentives continue to play a critical role in enhancing returns for operational solar projects. Repsol had been planning the sale since late October 2025, suggesting a deliberate portfolio optimization strategy that aligns with favorable market conditions and investor demand for de-risked renewable infrastructure.

Outpost is a 629 MW solar project located in Webb County, Texas, one of the most active renewable energy markets in the US. The project reached commercial operations in August 2025, removing construction and commissioning risk for incoming investors. Operational assets of this size are particularly attractive to infrastructure funds seeking predictable performance rather than development-stage uncertainty. For Stonepeak, the acquisition adds a high-capacity, cash-generating asset to its US renewable portfolio.

A key pillar of the investment case is the project’s long-term power purchase agreement with Amazon. While exact contract terms have not been publicly disclosed, a conservative assumption of 15 remaining contracted years aligns with Amazon’s typical 15 to 20 year PPA structures. This kind of long-duration offtake provides revenue visibility and downside protection, especially valuable in volatile power markets. Similar structures across Stonepeak’s portfolio show how pairing hyperscale offtakers with renewable assets can create resilient, inflation-protected returns.

In summary, Stonepeak’s acquisition of a minority stake in the Outpost solar project highlights sustained confidence in large-scale US solar backed by strong counterparties and tax credit optimization.

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